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Is Islamic Finance Worth the Cost?

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: How is Islamic (Sharia) finance any different to normal commercial bank finance. Dress it up however you like, you pay more money then you borrowed to start with. In fact, in most cases when you compare the two options, like for like Islamic finance costs more. So my question is, is it really the correct practice?


A: We are not absolutely clear with the operations of Islamic banks. However, if any particular case is brought before us, we will be able to issue a ruling of permissibility or impermissibility. It is difficult for us to generalise their operation.

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


Answered by:

Mufti Zakaria Makada

Checked & Approved:

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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