Question:
Salam Alaykum All,
This is [private] from Pakistan. I have this question of high importance, i want its answer direct from MSN if possible.
Its regarding riba. Throughout Islamic banking murahaba, musharika and profit bearing Loans are a tool to make us fool? Because as i know, there is no concept of PROFIT in lending in Islam.
Thanks.
Salam Alaykum
Answer:
wa `alaykum salam,
Islamic finance is based on trading. It is essential that risk be involved in any trading activity. Islamic banks and other financial institutions will trade in so called Shariah-compliant investments with the money deposited by customers. They share the risk and the profits between them.
Islamic banking is a very complicated science and I am aware of a risk giving an opinion. Allah knows best.
Imam Senad Agic
Head Imam (IABNA)
The Islamic Association of Bosniaks in North America
American Islamic Center – Chicago
