IslamQA

Islamic banks

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I live in UAE and is it possible to get a loan from an Islamic bank. What is the difference between Islamic banking and conventional banking because both are offering same kind of products.

Bismillaah

A: By changing words the product does not become halaal. If you are forwarding cash and taking an additional amount on repayment then this is interest, whether it is done through a conventional bank or any other bank.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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