Nov 23, 2008 by sultanalmarzoogi | Posted in United Arab Emirates
I hunger for to get married, so will the bank give me a loan if I ask them? I have an income of above 25000 aed so how much would they offer me for a loan?
Islamic banks do not attack APR , rather there will be some kind of fixed fees for the loan, so you will know exactly how much it will be. (varies from 5 to 25% depending on the bank). But this is steadfast so it will not increase per year except if you default there are late charges. You need to ask the specific bank what their policy & fees are.
Anyone Agree With Me That Malaysian Islamic Banking NOT Islamic At All?
Aug 30, 2007 by Trustee | Posted in Malaysia
1. THE CONCEPT (go downhill concept):
Mr Ali need to borrow money ($) and go to a Bank for the loan.
Since the Riba/Interest is not allowed in Islam, the banker then bring about a BUY & SELL transaction. And through this transaction Mr Ali managed to get the loan.
2. THE ARGUMENT:
IF one have the INTENTION to borrow rolling in it, the parties MUST signed a CONTRACT as intended by the borrower.
If the 'niat'/intention quarrel from the 'akad' /contract, it is unethical, unsincere, thus NOT ISLAMIC at all.
3. THE SOLUTION
There's a way, Islamic way. Shall I work on a composition of paper for this?
1) there cannot be 2 transactions in a lone transaction, and most of scholars hold the opinion that selling an item one does not own is haram, however some scholars approve that. That's called "bai' al-'ina" or only just 'ina.
2) no problem in signing a contract, it's better that way. The problem may lie inside the contract.
3) the difficult occurs when it comes to loans, wadiah savings are fine. The only loan which I regard as halal is so called "qard hassan" where the debtor may pay an addendum amount if he wishes so but is not obliged to do that. That doesn't bring much profits to the banks so the banks will be disinclined to give such loans, or shall I say it brings them no profit at all.
4) "Islamic banking" in Malaysia contains interest but they call it with discrete names and it's hidden behind some mischievous policies.
5) bank is allowed to charge you repair fees and give you a gift for entrusting your savings to them. Normally Islamic banks make filthy rich through investment and they might reward their customers with a share of their profits. That's cool, nothing haram here.
See this:
http://www.american.com/archive/2007/mar ch-april-armoury-contents/islamic-banki ng-is-it-really-kosher
-----------------------------------
Farina, time for you to learn something about Islam, and son't rightful bash posts without reading them carefully. Wadiah savings accounts are brilliant, the problem is with loans. You're a chat bot with no knowledge on Islam. Trustee is absolutely rectitude, so stop speaking what you don't know.
Wadiah savings system is same in all banks in Malaysia, CIMB, Bank Rakyat, Maybank, RHB, Bank Islam, etc.
Where Can I Get Home Finance In Mumbai, India Based On Islamic Banking Principle?
Jun 22, 2009 by ali f | Posted in Other - Business & Finance
I am a Muslim based in Mumbai and in trouble of Housing Loan not involving interest. I need to know contact no. and address in Mumbai or anywhere in India of some firms which give quarters loans on Islamic principle for property in Mumbai
Is A Muslim Allowed To Take A Bank Loan To Buy Something If...?
Jun 06, 2009 by Patrick | Posted in Religion & Spirituality
...you recollect that you are going to die on a certain date and that until that date you wouldn't be able to pay back the whole loan to the bank?
Your bank wouldn't remember the date of your death when it gives you the loan.
The loan is for a brand new house that you as a Muslim would want to buy. The loan would be enchanted from Islamic Bank under Sharia law.
Don't take out loans you can't pay...
It's unfair to the lending South African private limited company and raises fees for everybody.
Feb 21, 2009 by Avatar | Posted in Personal Finance
Hi.
What happens to the interest in Islamic Banking?
1. Let's say I alluvium money with an Islamic Bank, do I get any interest?
2. If I take a loan from an Islamic Bank, do I have to pay any interest?
If not, what's in it for them?
Thanks
Interest in prohibited in Islam
Divergent Islamic Banks have different names for interest .for example in Pakistani banks they call it "profit".
but if you have deposited your scratch in a country like Saudi Arabia you probably wouldn't get any interest nor do I believe you would have to pay any.
UIFC, which was formed on December 29, 2005 and capitalized with $15581000 in shareholder disinterest and assets, is the first ever US Islamic Banking ...
Le Fric, C'Est Moi: Does Islamic Banking Threaten French National ...
by Tim Cavanaugh
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non-payment locate is in favor of sole rights. So it's not
clear why allowing non-interest-relation banking requires an
attachment. The more you intervene accessible power into seclusive
decisions (including the plain resolution of what a herself can
do with his or her fat), the more you spell every consequence into a
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Islamic banking - Wikipedia, the free encyclopedia
Islamic banking refers to a system of banking or banking movement that is consistent with ... Thus the bank's profit on the loan is equal to a certain percentage ...
Welcome to Affin Bank Berhad Online
zigzag into a home, it is also important to find the right home loan that ... Refinancing is for redemption of loan from other Bank/ Economic Institution ...
Islamic banks do not attack APR , rather there will be some kind of fixed fees for the loan, so you will know exactly how much it will be. (varies from 5 to 25% depending on the bank). But this is steadfast so it will not increase per year except if you default there are late charges. You need to ask the specific bank what their policy & fees are.