Sat, 18th May, 2024 / 10 Dhū al-Qa'da 1445
السبت ١٨ , مايو , ٢٠٢٤ / 10 ذُو ٱلْقَعْدَة 1445
Sat, 18th May, 2024 /
10 Dhū al-Qa'da, 1445
السبت ١٨ , مايو , ٢٠٢٤ / 10 ذُو ٱلْقَعْدَة , 1445

Question- Assalamo alaikum.
My question is about finance. as we all know that the modern banking sytem is based on interest and its not halal. what do you think about it? Where does MCCA and Iskan Islamic finance stand in this respect? Are there claims true that they provide Shariah Compliant Finance? Please help me understand this.


Answer – Praise be to Allah and may Allah raise the rank of our dear Prophet.

The dealings of riba (usurious gain) are haram in the Religion of Allah. The Qur'anic verse which talks about this matter has the meaning of: "And Allah has made selling permissible and riba not permissible". This ruling is one whatever the name of the loan company is. As to the two companies you've mentioned, according to many sources that have reached us, those two companies have Islamically invalid dealings which do not agree with our Religion.

However, if you have a specific question about a particular transaction with them, then if you provide us with some details then Insha'allah we can answer your specific query.

Allah Knows best.

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