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interest and islam
02-18-2005, 05:43 AM
Post: #91
 
hello again...
here's some thinh about MODARBA....
ISLAMIC BANKING & MUDARABAH

Is there anything as "zero percent" banking? When an "Islamic" co-operative bank or a housing society purchases any article, commodity, property or the title against cash payment and then sells it at a higher price on credit as a "co-investor" or "sleeping partner", it is called "Mudarabah" (to sell at a profit). 'The Concise Encyclopedia of Islam', published by Harper & Law, Publishers, Inc., describes it as

To stay within the letter of the religious law and soothe consciences, some banks offer the solution of mudarabah (sleeping partnership) this defines the placing of capital as a co-investment, which naturally brings a return to both parties.
Some scholars call such arrangements as an alternative to Riba. Others, call it an attempt to circumvent the Riba. The proponents of the schemes may argue that since there is a trade agreement on the "new price", between the buyer and the seller, and the element of risk is involved as "co-investor", such transactions are Halal. Even "if" that be the case, how many such "zero percent" banks are there that can meet the needs of the Muslim families around the world? What about the other needs for borrowings, such as; the educational loans, medical emergencies, natural calamities, etc.? Who is responsible for the borrowings by the "Islamic States" that collects the Zakat money from its Citizens as their Trustees and also borrows large funds from the World Bank and/or International Monetary Funds, on "Interest"? It is recorded that even the Ottoman Banks used to charge and pay interest. What does that signify, to us?
Let the readers be the judge....
syedhassan...

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interest and islam - mintblue - 01-12-2004, 11:17 PM
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