Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,153,343 members, 7,819,208 topics. Date: Monday, 06 May 2024 at 12:46 PM

Ruling On Muslim Working In An Interest-based Bank - Islam for Muslims (2) - Nairaland

Nairaland Forum / Nairaland / General / Religion / Islam for Muslims / Ruling On Muslim Working In An Interest-based Bank (15235 Views)

The Evils Of Interest Based Loans & Mortgages / OAU Professor Durosinmi Writes On Muslim Students In Hijab / Ruling On Muslim Using Tattoo (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: Ruling On Muslim Working In An Interest-based Bank by Grace001: 10:12am On Feb 07, 2020
rhymesnoni:
May Allah bless us with Halal Job, At times u jst dnt blame the Muslim brothers nd sisters who take up Bank Job, the frustration of Employment no funny at all.
May w be guided!!!!


That’s what I’m saying... Nigeria is a secular state, if you want to practice Islam to the fullness go to Saudi, Qatar Oman Kuwait etc. the truth is you can’t practice Islam 100% in Nigeria. That’s why it makes it look like Islam is not a peaceful religion in this part of the world. Because you want to force the government to do certain things in Islamic arrangement which is not possible because Nigeria is a secular state. Boko Haram is a good example, Ganduje tried to ban female and male boarding the same tricycle in Kano but it was not possible for him because Nigeria arrangement is far different from Islamic arrangement and when most of you guys refuse to accept this, this makes you guys look violent and trouble maker.

10 Likes 1 Share

Re: Ruling On Muslim Working In An Interest-based Bank by Slickest(m): 10:13am On Feb 07, 2020
NuissancePolice:


Fvcken retard. Who told you I am a christian?
If you are not then your are just a fool breathing
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 10:17am On Feb 07, 2020
Grace001:
As much as it’s important to be tolerant to each other its important to remind you Muslim guys that country like Nigeria is a secular state where you can’t practice your Islam 100% except you guys want to form a caliphate just like your Muslim brothers are doing up north. It’s only countries like Saudi, Qatar, Kuwait, Dubai etc you can practice Islam 100% to the fullness. Where everything is being done according to Islam faith, Islamic banking system,women don’t board the same car with men, Women don’t use the same hospital with men “i.e a male doctor don’t attend to a female patient” etc with these settings you have the privilege to practice Islam fully without going into sin as you claim

Nigeria being a secular state don’t have an Islamic arrangement. Transportation system allow both male and female to board the same car, male doctor attend to female patient Non Islamic banking is everywhere in the country. So these makes it difficult to practice Islam 100% because at a point you’d have no choice than to board a cab with a male, to work in a non Islamic banking sector except you want to remain jobless if such offer comes.

So please our Muslim brothers and sisters always remember and have it a the back of your mind. Nigeria is not Saudi or Kuwait Oman Qatar or Dubai so don’t pressure the government with unnecessary protest to do certain things for you guys in Islamic arrangement . Because that MURIC organization sometimes forget Nigeria is not Saudi.

Same goes to our Christian brothers and sisters. Nigeria is not Jerusalem, Bethlehem or territory of the Israelite tribe. So enough of this nuisance all in the name of planting churches in every corner of the street.
nice one bro... U talk am finish. Unbiased �

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by Slickest(m): 10:17am On Feb 07, 2020
Grace001:



That’s what I’m saying... Nigeria is a secular state, if you want to practice Islam to the fullness go to Saudi, Qatar Oman Kuwait etc. the truth is you can’t practice Islam 100% in Nigeria. That’s why it makes it look like Islam is not a peaceful religion in this part of the world. Because you want to force the government to do certain things in Islamic arrangement which is not possible because Nigeria is a secular state. Boko Haram is a good example, Ganduje tried to ban female and male boarding the same tricycle in Kano but it was not possible for him because Nigeria arrangement is far different from Islamic arrangement and when most of you guys refuse to accept this, this makes you guys look violent and trouble maker.

Wise, very wise
Thank you for the break down
God bless you

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by Grace001: 10:20am On Feb 07, 2020
Kekereekun123:
So all muslims in banks are hell bound lol


Don’t mind them, I already told them if they don’t want to sin they should go to Saudi , Qatar Oman and Kuwait where they can practice Islam fully not here in Nigeria. Because the more they try to force the government to change some certain arrangement to Islam settings makes them more violent and not peaceful.

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 10:21am On Feb 07, 2020
Slickest:

If you are not then your are just a fool breathing

And you are wise for believing that someone invincible will burn you in hell if you have s*x b4 marriage?
Re: Ruling On Muslim Working In An Interest-based Bank by Slickest(m): 10:23am On Feb 07, 2020
RisenPhoenix:


I am not a muslim, but I find some financial aspects of Islam interesting (and incidentally, logical). I am in the field of finance. Is it ok to ask questions on the Islamic viewpoint on interest based institutions (I assume riba is interest?)?

Sorry, I had to accept the required condition on my profile. No other way to put my questions.
Yes it is okay to ask questions on the Islamic point of view cool
Re: Ruling On Muslim Working In An Interest-based Bank by Slickest(m): 10:24am On Feb 07, 2020
NuissancePolice:


And you are wise for believing that someone invincible will burn you in hell if you have s*x b4 marriage?
Lol, now you are luring in to your foolishness but I refuse.
Re: Ruling On Muslim Working In An Interest-based Bank by Aysha110(f): 10:24am On Feb 07, 2020
The sad part is some pple will laugh at u for being serious about practicing islam.The good part is,u live for Allah not them.may Allah subhanahu wata'alah take our soul when he's please with us,save us from fire and make every muslim candidate of jannatul firdaus.

6 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 10:29am On Feb 07, 2020
Grace001:
As much as it’s important to be tolerant to each other its important to remind you Muslim guys that country like Nigeria is a secular state where you can’t practice your Islam 100% except you guys want to form a caliphate just like your Muslim brothers are doing up north. It’s only countries like Saudi, Qatar, Kuwait, Dubai etc you can practice Islam 100% to the fullness. Where everything is being done according to Islam faith, Islamic banking system,women don’t board the same car with men, Women don’t use the same hospital with men “i.e a male doctor don’t attend to a female patient” etc with these settings you have the privilege to practice Islam fully without going into sin as you claim

Nigeria being a secular state don’t have an Islamic arrangement. Transportation system allow both male and female to board the same car, male doctor attend to female patient Non Islamic banking is everywhere in the country. So these makes it difficult to practice Islam 100% because at a point you’d have no choice than to board a cab with a male, to work in a non Islamic banking sector except you want to remain jobless if such offer comes.

So please our Muslim brothers and sisters always remember and have it a the back of your mind. Nigeria is not Saudi or Kuwait Oman Qatar or Dubai so don’t pressure the government with unnecessary protest to do certain things for you guys in Islamic arrangement . Because that MURIC organization sometimes forget Nigeria is not Saudi.

Same goes to our Christian brothers and sisters. Nigeria is not Jerusalem, Bethlehem or territory of the Israelite tribe. So enough of this nuisance all in the name of planting churches in every corner of the street.

I would think that financial decisions or career choices are personal. I do not see why interest free banking is detrimental to secularism. Even the bastions of secularism like the UK and the EU are advancing fast in the field of Islamic banking. I can tell you frankly that the field of finance and economics are not based on perfect, inviolate theories. They are mostly based on the thoughts and ideas of people; and some of those theories are very highly flawed. For example, the principle of interest was only introduced and developed to such a high level for the purpose of money creation and exploitation. This is a widely known fact to economic historians. In my opinion, eliminating interest from the economic model would be a step in the right direction; and would probably have been proposed by leading thinkers much earlier had it not been so openly affiliated to Islam.

5 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by Ykc2(m): 10:32am On Feb 07, 2020
Rashduct4luv:
We ask Allah to grant us halal job and earnings!

Let's advice our wards and kin on their choice of course. All those problematic courses that are irrelevant "deenically" should be jettisoned.

E.g. Insurance, Marketing (especially for a Muslimah), Philosophy, among others.
so how do Islamic bank make profit by borrowing? Or they borrow countries money for free of interest?please we are not kids

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by isram: 10:35am On Feb 07, 2020
Then you guys shouldn't do any business because you will make interest, confuse humans.



The only religion known for killing

5 Likes 1 Share

Re: Ruling On Muslim Working In An Interest-based Bank by midnighter(f): 10:35am On Feb 07, 2020
Grace001:


Nigeria being a secular state don’t have an Islamic arrangement. Transportation system allow both male and female to board the same car, male doctor attend to female patient Non Islamic banking is everywhere in the country. So these makes it difficult to practice Islam 100% because at a point you’d have no choice than to board a cab with a male, to work in a non Islamic banking sector except you want to remain jobless if such offer comes.

Hmm! You just summarised the whole thing. Very interesting take.

I have seen that their interest-free Islamic bank before and its always empty smh
Re: Ruling On Muslim Working In An Interest-based Bank by Rashduct4luv(m): 10:39am On Feb 07, 2020
Ykc2:
so how do Islamic bank make profit by borrowing? Or they borrow countries money for free of interest?please we are not kids

Talk about what is clear to you and keep mute on what you don't know. Some kinds of suspicion are devilish you know.

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by Ykc2(m): 10:47am On Feb 07, 2020
Rashduct4luv:


Talk about what is clear to you and keep mute on what you don't know. Some kinds of suspicion are devilish you know.
answer my questions how can organisation rent whole building furnish employ workers without profit?, so how are they making money to pay their workers and their offices ?or you want to tell that if lagos government go to Islamic banking to borrow 200 million dollars after 2 years or more they will still pay the same 200 million dollars without intrest?

2 Likes 1 Share

Re: Ruling On Muslim Working In An Interest-based Bank by rowrowland: 10:51am On Feb 07, 2020
Rashduct4luv:
We ask Allah to grant us halal job and earnings!

Let's advice our wards and kin on their choice of course. All those problematic courses that are irrelevant "deenically" should be jettisoned.

E.g. Insurance, Marketing (especially for a Muslimah), Philosophy, among others.
But these are beautiful courses oga(especially Marketing). A 4-year course is a combination of many knowledge areas. Career advice is what people need.

2 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by midnighter(f): 10:52am On Feb 07, 2020
There is nothing wrong with studying Philosophy, Islamic philosophers have some very interesting theories if you care to read up on them, anybody who prevents their child from studying philosophy because of Islam is a liar and an enemy of progress.

If more Christians and Muslims were taught philosophy at secondary school they would learn to think well about religious ideas and they wouldnt fall prey to all the crackpot pastors and Boko Haram Islamist terrorism that is holding our country ransom till today.

Thats not to talk of native philosophy and wisdom that we have inherited from our forefathers, which should be taught in schools and inculcated into children like any normal country that has not been bastardised.

Every Friday they will come and post Wahhabi fatwa here to mess up people's prospects but nobody will be deceived. Liars should stop lying

3 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 10:54am On Feb 07, 2020
Ykc2:
so how do Islamic bank make profit by borrowing? Or they borrow countries money for free of interest?please we are not kids

Ykc2:
answer my questions how can organisation rent whole building furnish employ workers without profit?, so how are they making money to pay their workers and their offices ?or you want to tell that if lagos government go to Islamic banking to borrow 200 million dollars after 2 years or more they will still pay the same 200 million dollars without intrest?

Maybe if you ask nicely, you will get answers.

From the little aspect of Islamic banking and finance that we studied, they have other forms of making profit from lending money, based on buy and resale, profit sharing, and rent income. I am not very conversant with all the principles because I did not pay much attention to it at the time we were doing the course in class. But basically, I believe they can buy the premises and sell it to the Lagos govt at a higher price and deferred payment period. Or they can receive rental payment from the Lagos govt on the premises until the Lagos govt pays back the cost price. There are many possibilities.

Besides forbidding interest, some other aspects are quite reasonable actually; like they also forbid speculatory practises, gambling or extreme uncertainty. And though not usually as profitable as conventional banks, their banks actually performed quite well comparatively, during the latest financial crisis. But I think their risk management issues would be difficult to overcome.

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by rowrowland: 10:56am On Feb 07, 2020
Ykc2:
so how do Islamic bank make profit by borrowing? Or they borrow countries money for free of interest?please we are not kids
You're not asking a question like someone inquisitive about what he doesn't know. Why not run a Google search
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 10:57am On Feb 07, 2020
RisenPhoenix:


I would think that financial decisions or career choices are personal. I do not see why interest free banking is detrimental to secularism. Even the bastions of secularism like the UK and the EU are advancing fast in the field of Islamic banking. I can tell you frankly that the field of finance and economics are not based on perfect, inviolate theories. They are mostly based on the thoughts and ideas of people; and some of those theories are very highly flawed. For example, the principle of interest was only introduced and developed to such a high level for the purpose of money creation and exploitation. This is a widely known fact to economic historians. In my opinion, eliminating interest from the economic model would be a step in the right direction; and would probably have been proposed by leading thinkers much earlier had it not been so openly affiliated to Islam.

That's not true. The idea behind interest in banking is to cover for inflationary trends in money and of course a concept known as cost of borrowing not for exploitation. I don't know where you got that from.

3 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 10:58am On Feb 07, 2020
Ykc2:
answer my questions how can organisation rent whole building furnish employ workers without profit?, so how are they making money to pay their workers and their offices ?or you want to tell that if lagos government go to Islamic banking to borrow 200 million dollars after 2 years or more they will still pay the same 200 million dollars without intrest?

Besides inflationary trends predict that if you pay back that $200m in 2years time, it will not be of same value as it is now. That's the simple logic behind interest rates.

3 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by osuofia2(m): 11:00am On Feb 07, 2020
Lukgaf:
Alhamdulillaah wasalaatu wasalaam ‘ala rasuulillaah

It is not allowed because it helping one another in sin and transgression. Shaykh Ibn ‘Uthaymeen (may Allaah have mercy on him) said: It is not permissible to work in a riba-based institution even if a person is working as a driver or guard, because that means that he is working for the riba-based institution, which implies that he approves of it. For whoever disapproves of a thing would not work to support it, so if he is working for it that implies that he approves of it, and the one who approves of something that is haraam is also guilty of sin. But if he is directly involved in recording transactions, writing, sending and depositing etc, then he is undoubtedly dealing directly with something haraam. It was proven in the hadeeth of Jaabir (may Allaah be pleased with him) that the Prophet (peace and blessings of Allaah be upon him) cursed the one who consumes riba, the one who pays it, the two who witness it and the one who writes it down. He said: “They are all the same.” Fataawa Islamiyyah. 2/401

The Standing Committee was asked about a man who worked as a night guard for one of the banks, and he had nothing to do with the bank’s transactions – should he continue with this job or leave?

They replied: It is not permissible for a Muslim to work as a guard for banks that deal with riba, because this is a kind of cooperating in sin and transgression, and Allaah has forbidden that as He says (interpretation of the meaning): “but do not help one another in sin and transgression” [al-Maa'idah 5:2] Most of the banks deal with riba, so you have to look for a halaal means of earning a living, not this way. And Allaah is the Source of strength. May Allaah bless our Prophet Muhammad and his family and companions. Fataawa Islamiyyah, 2/401, 402

May Allah grant us understanding of His religion

Source: Fish class foundations
BUT CAN MUSLIM BENEFIT FROM TAXES COLLECTED FROM COMPANY INCOME TAX AS PAID BR NIGERIAN BREWERIES? THAT IS YOU ALL SAYING ALL MUSLIMS ARE GOING TO HELL BECAUSE THOSE COMMERCIAL BANKS PAYS MONEY TO CBN AND YOU ALL BENEFIT FROM IT, MEHN THIS HARAM THING IS SO FUNNY, THIS NA 2020 O NO BE 18BC

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by rowrowland: 11:01am On Feb 07, 2020
midnighter:


Hmm! You just summarised the whole thing. Very interesting take.

I have seen that their interest-free Islamic bank before and its always empty smh
Our interest free bank may be empty for now, it won't be forever. A lot of people aren't drawn in yet but it'll get better. Having an interest free account is a religious obligation (except when unavailable)

1 Like

Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 11:03am On Feb 07, 2020
midnighter:
There is nothing wrong with studying Philosophy, Islamic philosophers have some very interesting theories if you care to read up on them, anybody who prevents their child from studying philosophy because of Islam is a liar and an enemy of progress.

If more Christians and Muslims were taught philosophy at secondary school they would learn to think well about religious ideas and they wouldnt fall prey to all the crackpot pastors and Boko Haram Islamist terrorism that is holding our country ransom till today.

Thats not to talk of native philosophy and wisdom that we have inherited from our forefathers, which should be taught in schools and inculcated into children like any normal country that has not been bastardised.

Every Friday they will come and post Wahhabi fatwa here to mess up people's prospects but nobody will be deceived. Liars should stop lying
Religious itself is based on philosophy. It's an obvious truth that religion came forth from philosophy which is, the science of reasoning. Without reasoning, there can be no question. Without question, there can be no answer. Religion is the answer to man's questions about the relationship between himself and God.
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:04am On Feb 07, 2020
Agboriotejoye:


That's not true. The idea behind interest in banking is to cover for inflationary trends in money and of course a concept known as cost of borrowing not for exploitation. I don't know where you got that from.

Yes. That is the justification. In fact, the cost of borrowing is almost all due to interest. Interest is used for money creation by the banks. This is vital for the perpetuation of fiat currencies used in all world economies. But in the end, it has cause much more harm than good because it is fundamentally exploitative.
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 11:05am On Feb 07, 2020
rowrowland:

Our interest free bank may be empty for now, it won't be forever. A lot of people aren't drawn in yet but it'll get better. Having an interest free account is a religious obligation (except when unavailable)
Lemme ask you something. As a muslim, are you expected to pay tax?
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:06am On Feb 07, 2020
osuofia2:

BUT CAN MUSLIM BENEFIT FROM TAXES COLLECTED FROM COMPANY INCOME TAX AS PAID BR NIGERIAN BREWERIES? THAT IS YOU ALL SAYING ALL MUSLIMS ARE GOING TO HELL BECAUSE THOSE COMMERCIAL BANKS PAYS MONEY TO CBN AND YOU ALL BENEFIT FROM IT, MEHN THIS HARAM THING IS SO FUNNY, THIS NA 2020 O NO BE 18BC

Commercial banks pay money to CBN? Money for what? Where did you hear that?
Re: Ruling On Muslim Working In An Interest-based Bank by rowrowland: 11:06am On Feb 07, 2020
osuofia2:

BUT CAN MUSLIM BENEFIT FROM TAXES COLLECTED FROM COMPANY INCOME TAX AS PAID BR NIGERIAN BREWERIES? THAT IS YOU ALL SAYING ALL MUSLIMS ARE GOING TO HELL BECAUSE THOSE COMMERCIAL BANKS PAYS MONEY TO CBN AND YOU ALL BENEFIT FROM IT, MEHN THIS HARAM THING IS SO FUNNY, THIS NA 2020 O NO BE 18BC
What is Haram will NEVER become lawful because the whole world is doing it (let that sink in). However, there's no 100% purity. We'll do our best considering our circumstances and leave what we can't help.
Re: Ruling On Muslim Working In An Interest-based Bank by Ykc2(m): 11:07am On Feb 07, 2020
RisenPhoenix:




Maybe if you ask nicely, you will get answers.

From the little aspect of Islamic banking and finance that we studied, they have other forms of making profit from lending money, based on buy and resale, profit sharing, and rent income. I am not very conversant with all the principles because I did not pay much attention to it at the time we were doing the course in class. But basically, I believe they can buy the premises and sell it to the Lagos govt at a higher price and deferred payment period. Or they can receive rental payment from the Lagos govt on the premises until the Lagos govt pays back the cost price. There are many possibilities.

Besides forbidding interest, some other aspects are quite reasonable actually; like they also forbid speculatory practises, gambling or extreme uncertainty. And though not usually as profitable as conventional banks, their banks actually performed quite well comparatively, during the latest financial crisis. But I think their risk management issues would be difficult to overcome.
at end of the day they are there to make profit
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:08am On Feb 07, 2020
rowrowland:

What is Haram will NEVER become lawful because the whole world is doing it (let that sink in). However, there's no 100% purity. We'll do our best considering our circumstances and leave what we can't help.

Aha. That was my question. How much purity is permitted? Does Islam prescribe a percentage or a limit?

2 Likes

Re: Ruling On Muslim Working In An Interest-based Bank by vikkeee(m): 11:08am On Feb 07, 2020
marvin906:
I thought I was gonna miss
Friday of a thousand laugh..
buh I need a good laugh..

my popcorn and hollandia is ready so my brothers let the flood Gates of bullsh.it and utter Garbage be open
friday of a thousand laugh!!!

kill me guy

1 Like

(1) (2) (3) (4) (5) (Reply)

Nothing Must Happen To MURIC Director, Call Alaroye To Order! / Ramadan Fasting Continues In Nigeria On Saturday, August 18, 2012 / Ramadan Is Here - A Month Of Reformation & Redefinition. Are You Ready?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 70
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.