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it does not. there is absolutely no basis for "islam forbits interest". the way "islamic banking" was envisioned, they created a problem then suggested an alte
by 2Gkashmiri 3y ago
it does not. there is absolutely no basis for "islam forbits interest".
the way "islamic banking" was envisioned, they created a problem then suggested an alternative which is the same thing, just with arabic names.
there is something called "shariah compliant banking" but "islamic banking" on its own is a misnomer and doesn't exist.
don't believe me, here is a video of Dr. Mohammad Shahrour on the subject.
https://www.youtube.com/watch?v=dEk_8-jaSUs https://www.youtube.com/watch?v=dEk_8-jaSUs
its really short but brings home the idea.
your next question might be "so...whats islamic banking then". the answer is simple. when you can't fight in a free market so what you do is change the market so that customers automatically opt for your "superior" product as opposed to the competition.
You can read up on this by finding "why need for islamic banking" arose. the problem didn't exist till then so someone just literally invented it and then sold a solution
- ir123 3y agoyour answer really doesn't make sense to me, can you explain it a bit more? https://en.wikipedia.org/wiki/Riba https://en.wikipedia.org/wiki/Riba > While Muslims agree that riba is prohibited, not all agree on what precisely it is.[2][3] It is often used as an Islamic term for interest charged on loans,[Note 1] and the belief this is based on — that there is a consensus among Muslims that all loan/bank interest is riba — forms the basis of a $2 trillion Islamic banking industry This is enough to negate what you said here: >it does not. there is absolutely no basis for "islam forbits interest". Could you explain what you mean here? >the problem didn't exist till then so someone just literally invented it and then sold a solution What problem didn't exist and what was invented and what was the solution?