The interest (Riba) you earn in bank accounts?

[Karachi]

The interest you earn in with banks (Riba) is not allowed, but is it ok to donate that for charity purposes? or is that not allowed, since Interest is Haram?

The problem is we dont have islamic banking system here in canada, so interest will be earned no matter what. so it's really hard to avoid it, but is it ok donating it, thats the question?

[Alchemist]

Allah doesn't need your charity.

The purpose of charity is to clean your heart from greed.

So give from the money you think you earned and deserved from your own labour and hardwork.

[Karachi]

^ i agree, that's why I asked, but what should we do with interest earned in bank accounts??? like I said in Canada it is impossible to deal with this issue, as most people here even muslims have saving accounts

[Alchemist]

Why don't you convert it to gold then?
The price of gold goes up anyway..

[Talal]

@ karachi ..your money doesnt earn u interest in the bank unless you yourself put it in a savings account or lock it in an investment account

[Karachi]

@ karachi ..your money doesnt earn u interest in the bank unless you yourself put it in a savings account or lock it in an investment account

well dont most people have saving accounts?

heck I notice even in my checking account I get some interest every month

I think one solution I figured out is to tell my bank to stop paying me interest in every account. I will do this the first thing tomorrow morning.

But how do i get rid of the total interest I have accumulated?? I mean what should I do with the money if I can't give it to charity Islamically speaking

[Karachi]

Why don't you convert it to gold then?
The price of gold goes up anyway..

bro that is impossible in today's world

anyways what country do you live in, and how do you deal with this situation?

[Levanaye Zalmaye]

Karachi, it's not that difficult...

Transfer your money into an Islamic bank. They'll also add to your money but instead of referring to the added amount as "interest", they'll call it "profit and loss sharing". This helps many people go to sleep better at night.

[abassinafghan]

islamic banking is the biggest scam ,

just the word islamic and banking doesnt match ,you can not be a good banker and a pious muslim

for exampel , they offer consumer credits for buying a car , but instead to say that the car costs 50 000 euro , and 3 years interesst 15 000 euro ,

they buy the car for you and sell it to you for say 65 000 and you paying your rates , considering that they are no car sellers ,but a bank so they buy the car from the car seller .

the point about interessts is , that back in the time of rasulallah ,many people were become so much in debt , that they have to sell their selfs into slavery . and considering that you actually own people if you lend them hugh summs of money and knowing that they are overestimating their financial situation is immoral .


i for my self stay away from everything which represents it self as islamic and banking , because banking is nothing more than lending money , paying and recieving interessts , thats what a bank does .

however one could do invest in funds or other ventures which follow ethical /religious guidelines ,you can go shure that the cash is not invested in haram activities , like gambling ,drugs tobaco alcohol ,porn .guns etc .

[din]

jast open chking accunt no interest.

[Alchemist]

bro that is impossible in today's world

anyways what country do you live in, and how do you deal with this situation?

When you give your money to the bank, they don't just throw it in a safe and lock in there. They give your money to other people and charge them interest. So you get a small percentage of (.5% to 1.5%) from that. Not really worth the trouble...din is right just open a chequeing account.
I am in the steel manufacturing industry now...all cash is being reinvested by buying assets (equipments and machines).
Buying gold is not impossible.

[Karachi]

One thing I dont get is, why can't islamic bank charge a service fee instead of interest or whatever they call it??

for example if I want a $500 loan, but they charge me lets say 5% fee upfront for doing the service for me, then I just pay them the loan exact amount $500 later on.

This way there is no worrying about interest, and they will also make money from the fees

[Badlun]

Islam has nothing to do with banking or economics. Islam is just a religion enjoining your beliefs, worship and morality. Riba or usury which has moral underpinnings is prohibited but interest if agreed by both debtor and creditor to the mutual benefit of both is all right . Its simple doing business in capital or money.

Whats bad in interest that Islam is will make it haram??????????

[graveyardofempires]

^
LOL
this guy is totally anti Islam and Muslims.


but hey this is pashtunforums you know.