Banks that do business Islamically inthe U.S...

[SummerRain]

Okay folks this might be a shot in the dark however, I'm wondering if anyone know of any banks that have contracts with other Islamic banks in the US. Or even Islamic banks that are based inthe US.

You info will greatly be appreaciated and thanks in advance.

[Gifted]

I don't know anything about the U.S. But, in the U.K they have Islamic Morgaging on houses...and its hillarious. They supposadly don't charge interest..but they do actually..they just call it something else. loool

[Dhers]

Subhan Allah, good query sister Ismahan I would like to know this as well. :D My friend was telling me the other day that her sister goes on a student loan without interest I wonder how that works?? Wallahu aclem

[Koronto91]

HSBC Bank in NY, La-Riba in CA, Guidance Financing in MI and another bank in IL; can't remember the name!

[Basra-]

Let Basra---be serious for a change. :)


Can Sheikh Koronto or anyone tell me WHY islam is diabolically against 'interest' in banking institution?? What is sooo bad about interests that irk Islam and cautions us from it? I mean, i understand the econony behind business for muslim. IN fact, Propher Muhammad pbuh, has blessed this profession. So i assume it has something to do with this common profession for old muslims, what happened before that has caused interest a sin.


Thanks in advance. :)

[FAH1223]

[quote="Basra-"]Let Basra---be serious for a change. :)


Can Sheikh Koronto or anyone tell me WHY islam is diabolically against 'interest' in banking institution?? What is sooo bad about interests that irk Islam and cautions us from it? I mean, i understand the econony behind business for muslim. IN fact, Propher Muhammad pbuh, has blessed this profession. So i assume it has something to do with this common profession for old muslims, what happened before that has caused interest a sin.


Thanks in advance. :)[/quote]

why dont you read the Qur'an to know

"Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever"(Al-Baqarah 2:275)

"God condemns usury, and blesses charities. God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew." (Al-Baqarah 2:276-280)

"O you who believe, you shall not take usury, compounded over and over. Observe God, that you may succeed." (Al-'Imran 3:130)

"And for practicing usury, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution." (Al-Nisa 4:161)

"The usury that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold." (Ar-Rum 30:39)

[Basra-]

Fah

ok i didn't expect you to answer me, but nevertheless u did not answer my question! I say WHY is it prohibited not just quote me a direct prohibition of the act. I know the act of usery is prohibited, but i want to know the logic of it! Know what i mean?? lol

[Koronto91]

Basra,

Interest in general is haram and its not limited just to banking institutions. Interest can be anything that causes unnecessary hardship on a person or rewards another person wrongly. It is haram to profit or give interest and according to the Prophet (saw) it is as if the person doing so was declaring war on Allah:

http://www.islamqa.com/index.php?ref=25&ln=eng&txt=riba

"The Messenger of Allaah (peace and blessings of Allaah be upon him) cursed the one who consumes riba, the one who gives it, the one who writes it down and the ones who witness it. He said: 'They are all the same.'" (Reported by Muslim in his Saheeh, 2995):

http://www.islamqa.com/index.php?ref=28 ... g&txt=riba

It is an unfair system that is known to cause chronic injustices and inequalities in societies, Allah knew this, thus why it was made haraam.

[Basra-]

"Interest can be anything that causes unnecessary hardship on a person or rewards another person wrongly"


Sheikh Koronoto, thanks. At least u answered a portion of it. So i suppose Islam encourages hard earned money. Interest may cause difficulty to a person giving it. Walaahi as usual, Islam only looks out for our better interest. LOL

[Koronto91]

Basra,

Click on this link to find out the harmful effects Riba (Interest) can cause:

http://www.islamqa.com/index.php?ref=42 ... g&txt=riba

[FAH1223]

[quote="Basra-"]Fah

ok i didn't expect you to answer me, but nevertheless u did not answer my question! I say WHY is it prohibited not just quote me a direct prohibition of the act. I know the act of usery is prohibited, but i want to know the logic of it! Know what i mean?? lol[/quote]

The interest on bank accounts is unlawful or haram because such interest is an increase of money made without effort or trade.

http://www.islamonline.net/servlet/Sate ... 9503543140

[SummerRain]

[quote="Koronto91"]HSBC Bank in NY, La-Riba in CA, Guidance Financing in MI and another bank in IL; can't remember the name![/quote]

Cool awoowe. I really thank you for the info.

[Basra-]

[quote="FAH1223"][quote="Basra-"]Fah

ok i didn't expect you to answer me, but nevertheless u did not answer my question! I say WHY is it prohibited not just quote me a direct prohibition of the act. I know the act of usery is prohibited, but i want to know the logic of it! Know what i mean?? lol[/quote]

The interest on bank accounts is unlawful or haram because such interest is an increase of money made without effort or trade.

http://www.islamonline.net/servlet/Sate ... 9503543140[/quote]



Fah, Fantastic! That is the simple, concise,succinct answer i was looking for! Thanks a bunch! I think for the first time, u have pleased me! :)

[Wareer]

Basra, I would tell you why interest is a blood sucking instrument of slavery.

Read this article on Feb 29, 2008 by USA Today. It is hard to survive without loans in America and it is even harder to get out of it. You are locked in a financial scheme that benefits the few, hence the widening gap between the poor and the rich. When I first saw this article , it had a painted picture on the frong page in which married couples recline on a plank of wood in the middle of the deep ocean. They are half-naked and surrounded by big Sharks.


http://www.usatoday.com/money/perfi/cre ... ards_N.htm

Read the article and comment on it. Let us see ur feedback.