11-11-2004, 04:55 PM
Just wanted your comments on this issue
In the last couple of years we in the UAE have witnessed three financial institutions convert from conventional banking to 'islamic shariah compliant' banking (with a complete shariah board and the works).
Moreover a lot of MNC banks like Citicorp, Standard Charetered and HSBC run whole Shariah compliant units, the capital still flows in from 'Income earned through Interest'
My question is it a 'halal' move since all their capital appreciation and assets includes a substantial amount of 'usuary' or 'interest' money ?
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
In the last couple of years we in the UAE have witnessed three financial institutions convert from conventional banking to 'islamic shariah compliant' banking (with a complete shariah board and the works).
Moreover a lot of MNC banks like Citicorp, Standard Charetered and HSBC run whole Shariah compliant units, the capital still flows in from 'Income earned through Interest'
My question is it a 'halal' move since all their capital appreciation and assets includes a substantial amount of 'usuary' or 'interest' money ?
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
