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Q.

Slamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively,
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Asked by jameel ahmed, 24 Dec '09 12:41 pm
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Answers (5)

 
1.

What is Sharia law?

Under Sharia Islamic law, making money from money, such as charging interest, is usury and therefore not permitted.

Wealth should be generated only through legitimate trade and investment in assets.

But investment in companies involved with alcohol, gambling, tobacco and pornography is strictly off limits.

How does Islamic finance work?
...more
Answered by commonsense, 25 Dec '09 04:17 pm

 
  
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2.

As i learned that though islamic banks prohibit interest but by other means through investment they pay very good dividend to custimers and british govt. is going to open many banks on such pattern.
Answered by Ramesh Agarwal, 25 Dec '09 09:47 pm

 
  
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3.

I am too small a person to comment upon the customs and laws of any faith. But I can tell you that my thinking is quite similar to this.
I am just an average middle class person with moderate income. But I sometimes give loans to poor and needy people. I have never charged any interest on this and tell them to pay it back only when it is convinient to them.
Answered by Vikram, 25 Dec '09 01:11 pm

 
  
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4.

Islamic banks forbid interest, does it mean that even the banks dont take interest on the big loans they give outside? and if so how do they afford to pay salaries to all the employees in such banks? What is the catch in this islamic banking?
Answered by Wolverine Logan, 24 Dec '09 08:51 pm

 
  
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5.

Yes as a banker I was also taken in by a customer who wanted no interest be paid to him and was so happy that even in this ages such people are existing I happened to meet a neighbour of this great customer - who was very critical of the behaviour of ths customer because he didnot even give proper food or salaries to his staff and were made to even sleep hungry

so if all the principles of all the religion are followed I appreciate it
Answered by rajnikant raiyarela, 24 Dec '09 07:37 pm

 
  
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