Mufti Online — Madrasah Ta'leemuddeen

Islamic banks

· 3 Jumada II 1439 AH1 min readEnglish

Question

I live in UAE and is it possible to get a loan from an Islamic bank. What is the difference between Islamic banking and conventional banking because both are offering same kind of products.

Answer

By changing words the product does not become halaal. If you are forwarding cash and taking an additional amount on repayment then this is interest, whether it is done through a conventional bank or any other bank.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/24562
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