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.
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)