11-11-2004, 10:05 AM
11-11-2004, 04:44 PM
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salaam all,
i ve been involved in research report abt islamic banking n its implementation in pakistan.
wht i feel is tht a true islamic banking system doesnot exisit, n it cannot exist, unless a truely islamic economic system is implemented.
newyork (USA) published a detailed report abt this topic, with the collaboration of internationally acclaimed muslim n non muslim scholars, sconomists, n politicians. mr. shokat aziz, n governor of SBP etc have also participated in the developmet of tht report. this report says tht none of the muslim countries have yet been able to define a true islamic economic system, wht it shall do, how it shall do, wht it shall look like etc etc etc.n i read all this in DAWN newsppr some weeks back.
since our economy is not islamic, it is based on interest (riba), our political system n economic system (jointly) r responsible for all this. our govts take loans from IMF, WB, other financial institutions etc on interest, so our economies r poluted. therefore, every single business tht operates under this economy is also polluted with interest. ppl claim tht banks r the only culprits to deal in interest. my point of view is tht companies r equally responsible for it too. one of the regular source f income for companies ir interest revenures n interest dividends tht they get by there investing activities. they also pay huge ammounts in terms of interest expenses to others in their financing activities. all this is obvious in stmt. of cash flows. so i feel tht, virtually, all bussinesses r dealing in interests (riba), let alone banking sector.
as far as hala haram debate matters, i generally find two schools of thoughts, specially, in religious terms. one is sunni n one is ehl-e-tashee. scholars of former one strongly call banking as 'haraaam' while the later one calls is 'halaaal'. i dont know if subgrous of these two main schools r of some different opinion.
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FARHAN
live, n let live ...
salaam all,
i ve been involved in research report abt islamic banking n its implementation in pakistan.
wht i feel is tht a true islamic banking system doesnot exisit, n it cannot exist, unless a truely islamic economic system is implemented.
newyork (USA) published a detailed report abt this topic, with the collaboration of internationally acclaimed muslim n non muslim scholars, sconomists, n politicians. mr. shokat aziz, n governor of SBP etc have also participated in the developmet of tht report. this report says tht none of the muslim countries have yet been able to define a true islamic economic system, wht it shall do, how it shall do, wht it shall look like etc etc etc.n i read all this in DAWN newsppr some weeks back.
since our economy is not islamic, it is based on interest (riba), our political system n economic system (jointly) r responsible for all this. our govts take loans from IMF, WB, other financial institutions etc on interest, so our economies r poluted. therefore, every single business tht operates under this economy is also polluted with interest. ppl claim tht banks r the only culprits to deal in interest. my point of view is tht companies r equally responsible for it too. one of the regular source f income for companies ir interest revenures n interest dividends tht they get by there investing activities. they also pay huge ammounts in terms of interest expenses to others in their financing activities. all this is obvious in stmt. of cash flows. so i feel tht, virtually, all bussinesses r dealing in interests (riba), let alone banking sector.
as far as hala haram debate matters, i generally find two schools of thoughts, specially, in religious terms. one is sunni n one is ehl-e-tashee. scholars of former one strongly call banking as 'haraaam' while the later one calls is 'halaaal'. i dont know if subgrous of these two main schools r of some different opinion.
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FARHAN
live, n let live ...
11-11-2004, 04:52 PM
Kindly go through the 'Interest in Islam' thread for comprehensive reading of the above subject.
http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=639&whichpage=7&ARCHIVE=
As far as working for a bank is concerned, I work for the internal audit department of a large bank. What the scholars say is that you can continue working for a bank as long as you do not find a reasonable job elsewhere and should consider your tenure at the bank as 'a forced act' or 'majboori'.
However, I believe that it is imperative that we take up careers in bank for the following reasons
1)If main stream muslims stop working for banks,, who will it be run by non muslims ? it is important that we run our own economic systems in national interest.
2)Keep in mind that a lot of banks through out the world are shifting towards islamic banking... they will need bankers to run any sharia compliant banking systems.
3)Strive to achieve a shariah compliant banking system.
Other members please comment on the issue so that 'voice' has better un biased opinion on the issue.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=639&whichpage=7&ARCHIVE=
As far as working for a bank is concerned, I work for the internal audit department of a large bank. What the scholars say is that you can continue working for a bank as long as you do not find a reasonable job elsewhere and should consider your tenure at the bank as 'a forced act' or 'majboori'.
However, I believe that it is imperative that we take up careers in bank for the following reasons
1)If main stream muslims stop working for banks,, who will it be run by non muslims ? it is important that we run our own economic systems in national interest.
2)Keep in mind that a lot of banks through out the world are shifting towards islamic banking... they will need bankers to run any sharia compliant banking systems.
3)Strive to achieve a shariah compliant banking system.
Other members please comment on the issue so that 'voice' has better un biased opinion on the issue.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
11-13-2004, 08:30 PM
hi back...
HALAL or HARAM fir working in a financial institution is fullish..,
as such a question shouldnt arise here..
the questuon should be..."IS INTEREST ON DEPOSIT/LOAN HALAL OR NOW...
and islamic-banking in practise now, but not much popular yet..
and i believe...interest on loan is HARAM, as "you pay interest on money lent UNWILLINGLY or ARE PRESSURISED TO PAY ON RETURN of loan..
on the other hand...,interest on Deposit is completely pure HALAL,
as... THE BANK pays you interest, with NO EXTERNAL PRESSURE..
and not even YOUR PRESSURE...
thats all i have for it..
regards..
syedhassan..
ACCA
HALAL or HARAM fir working in a financial institution is fullish..,
as such a question shouldnt arise here..
the questuon should be..."IS INTEREST ON DEPOSIT/LOAN HALAL OR NOW...
and islamic-banking in practise now, but not much popular yet..
and i believe...interest on loan is HARAM, as "you pay interest on money lent UNWILLINGLY or ARE PRESSURISED TO PAY ON RETURN of loan..
on the other hand...,interest on Deposit is completely pure HALAL,
as... THE BANK pays you interest, with NO EXTERNAL PRESSURE..
and not even YOUR PRESSURE...
thats all i have for it..
regards..
syedhassan..
ACCA