Jobs in Banks (allowed or not allowed)

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- shahzykhan - 01-20-2007

Salam Buddies,
I have just joined the site and read the discussion. Islamic banking is my favorite one.
I think in all the discussion we are forgetting one thing, that there is hell of a difference between the economic scenarios of that time when the rule was formed and now.
As Sajid Naveed Khan has stated
Prophet sallallahu alaihe wasallm said Gold in exchange for gold, silver in exchange for silver, wheat in exchange for wheat, barley in exchange for barley, dates in exchange for dates, salt in exchange for salt is in the same category and (should be exchanged) hand to hand, so who ever adds or demands increase he has practised usury. The giver and taker are the same. Now that was the time when paper money was not there, there were no rules, regulations and economics was just a new concept. If you carefully analyze, there was no concept of inflation and real money at that time. If you give 5 million to someone and receive the same amount after a year or two, you have made a loss because due to the inflation the 5 million might have lost its value to 4 million. If you could buy 5 Kg of gold at that time now you can buy just 4 Kg of it.
According to the hadith stated above you may ask the borrower to return you the money by which you can get the same amount of gold i.e. approx 62.5million.
The inflation represents the general increase of all the goods being trade in an economy.
So interest rate equivalent to inflation rate should not be haram.
This topic is already being discussed in another forum in
Accounting and Audit > Interest and Islam

- shahzykhan - 01-20-2007

A friend of ours has stated that the companies also deal in interest so there income is also haram. I would like to refer to a TV program named Aalim Online, a leading program on creating awareness of Islam among people.
Someone asked guidance on a problem on a phone call from the scholar. He was in America and worked in a general store where many haram goods like liquor were also sold. He asked that whether his income was haram. The scholar replied that if your store trades only in haram goods, it is haram, otherwise its not, because there are traded many halal goods also. But if you get an opportunity, then you better not work at such stores. As you all know, it is nearly impossible to find a store in America not presenting liquor, so what he did was no wrong.
The same criterion is for the companies, they should avoid dealing in interest bearing finances. Just having transactions with bank doesnât make it haram.
There are many solutions for that which are according to shariah. If you are aware of the present market dealings, then you should have knowledge of Islamic banking, which is spreading so fast that some economists predict that after 20 to 25 years the whole world will be dealing in Islamic mode of banking.
Sometimes fluctuating rates of interst are also used in such dealings e.g. âkibor plus ratesâ etc, which are under discussion for being Islamic or not.
So buddy take a chill pill and donât get emotional.

- shahzykhan - 01-20-2007

The banking itself is not haram, its dealing in interest which makes it haram. And unfortunately no bank in Pakistan provides a complete Islamic banking.
So we should raise a cold war against it by not doing job in banks unless they adopt Islamic modes of banking, which is not only as per islam but is also beneficial for the overall economy and welfare of the people surviving in the economy.
Hope my posts will play some part in resolving the issue.

- Pracs - 01-23-2007

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by A380
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Pracs
All I see here is kids, wet behind the ears, not tuned with real life <hr height="1" noshade id="quote"></blockquote id="quote">

He got MBA Finance degree when he was 1 year old.
<hr height="1" noshade id="quote"></blockquote id="quote">

I didn't get my MBA Fin when I was 1, I am a qualified accountant an associate of one and a fellow member of the other, I am studying for a Diploma in Islamic Finance. So what are your credentials ?

- shahzykhan - 01-23-2007

I am in Chartered Accountancy Professional. Doing article ship from KPMG Taseer Hadi & Co. in Pakistan.

- aishiya - 03-11-2007

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by shahzykhan
 The banking itself is not haram, its dealing in interest which makes it haram. And unfortunately no bank in Pakistan provides a complete Islamic banking.
So we should raise a cold war against it by not doing job in banks unless they adopt Islamic modes of banking, which is not only as per islam but is also beneficial for the overall economy and welfare of the people surviving in the economy.
Hope my posts will play some part in resolving the issue.

<hr height="1" noshade id="quote"></blockquote id="quote">

1000005 agree with you...