I am a lawyer specializing in Islamic finance and my role involves writing the documents. Over time I have come to my personal opinion that there these arrangements are not Islamic at all. Rather, they merely disguise “riba” in a variety of ways. However, I am not a Shari’a scholar and these arrangements are approved by so-called scholars.
I do not benefit from these arrangements directly. I have read that three people are cursed, those that pay interest, those that receive interest and the scribe.
I did istikara before I took this job and in my dream I could see nothing but vibrant green. The job has been very good for me but I am extremely concerned that if these arrangements are wrong that I will be cursed to the hell fire as I am the scribe.
(The word limit would not let me explain in more detail).
Imam Senad Agic
Head Imam (IABNA)
The Islamic Association of Bosniaks in North America
American Islamic Center – Chicago