Question
how are you I am baba here I want to know about banking so many peoples are savaging there money in Islamic banking like alfallah bank, mezan bank, they are paying monthly some amount that is in lost and profit basses I want to know weather this amount is Riba or hallal.Or tell me which is the best place to invest money because if we are investing our money in some company sometime they are cheating and we will not get back our capital . Now I think you understand my question my so many friend wants to know about riba and hallal profit diffrance. Weather investing in Islamic bank our money Is ok or not.BEST REGARDS THANK YOU
Answer
wa alaikumussalam
- fine alhamdulillah
- till such banks are working under authentic sharia Advisers ,its allowed to invest in islamic banking, especially all islamic banks working in Pakistan. i think Meezan is best as they have larger network and numbers of services.
- differences are clear:
- on depositing side , islamic banks offer Mudaraba i.e a business in which capital is from depositors and management is from bank under necessary sharia conditions...... conventional banks accept money as a loan.
- on investment side they use halal business modles like Murabaha, leasing, diminishing musharka etc....... conventional banks invest mainly in loans
- although its on profit and loss basis , but normally fluctuated profits r paid which create resemblance with Riba. but its a wrong perception.actually the diversity of business minimize the risks and result is always a net profit
- moreover sharia monitoring and audit system is also working.
