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Nairaland Forum / Nairaland / General / Religion / Islam for Muslims / Ruling On Muslim Working In An Interest-based Bank (15655 Views)
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Re: Ruling On Muslim Working In An Interest-based Bank by rowrowland: 11:08am On Feb 07, 2020 |
Agboriotejoye:tax evasion is a criminal offence in Nigeria. |
Re: Ruling On Muslim Working In An Interest-based Bank by osuofia2(m): 11:08am On Feb 07, 2020 |
RisenPhoenix:MONEY DEPOSIT WITH CBN |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:10am On Feb 07, 2020 |
osuofia2: Is that what you call payment? Let us take it one step at a time; how do muslims benefit from money deposited with CBN by commercial banks? |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 11:10am On Feb 07, 2020 |
RisenPhoenix:I don't know what you mean by money creation. But the idea that it is fundamentally exploitative is an opinion and does not mean interest on loans is based on an intent to exploit the borrower. Even the Bible is against collecting interest on loans. But you have to realize that Banking like other fields of expertise is not a religious creation. It is based on logical initiatives. Most religious pronouncements on interest on loans talk about person to person loans not corporate loans as we have in banks. That said, inflation can only be accounted for by interest. That's how it is. 2 Likes |
Re: Ruling On Muslim Working In An Interest-based Bank by Rashduct4luv(m): 11:11am On Feb 07, 2020 |
Ykc2: They do partnership and Profit/loss sharing! Google Musharakah and Mudarabah! |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 11:11am On Feb 07, 2020 |
rowrowland:Forget Nigeria. I'm asking you if you are expected to pay tax as a muslim. 2 Likes |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:12am On Feb 07, 2020 |
Ykc2: I don't think that they prohibit profit. What I learned in school, and from the op; is that interest, gambling, speculation and high uncertainty is what is prohibited. Of course a muslim would know better. I could be wrong. |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 11:13am On Feb 07, 2020 |
Rashduct4luv:Profit sharing in that regard can be seen as another form of interest on the loan. I hope you can agree with that. |
Re: Ruling On Muslim Working In An Interest-based Bank by Donkenny511(m): 11:17am On Feb 07, 2020 |
May almighty Allah be please with you. Very good point Slickest: 1 Like |
Re: Ruling On Muslim Working In An Interest-based Bank by Rashduct4luv(m): 11:19am On Feb 07, 2020 |
Agboriotejoye: No! Profit has a separate meaning from interest. Islam permits trading which brings profit/loss. Islam on the other hand forbids interest. |
Re: Ruling On Muslim Working In An Interest-based Bank by fatymore(f): 11:22am On Feb 07, 2020 |
Mikecold: Thanks... Your church is an holy place for Christians. I would rather attack your personality than your religion. So get the f∆ck off my mention you this intolerant dimwit |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:24am On Feb 07, 2020 |
Agboriotejoye: You are speaking on an issue that is outside your field of knowledge, and basing your views on mere guesswork. Go and find out first about money creation and come back and tell me about exploitation. For beginners who have no idea of finance, there are videos on youtube by men like Mike Maloney (not sure of the spelling). I think he made a series to explain the principle to the layman. |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 11:25am On Feb 07, 2020 |
. 1 Like |
Re: Ruling On Muslim Working In An Interest-based Bank by fatymore(f): 11:28am On Feb 07, 2020 |
Mikecold: Just imagine the nonsense you posted... Does this really make sense to you... |
Re: Ruling On Muslim Working In An Interest-based Bank by olowo1995(m): 11:29am On Feb 07, 2020 |
Grace001: Thank you for that, I don't know why we put religion ahead of other things, a religion that is just being practice here in Nigeria, Nigeria is not mother born of this two religion but we want to practice it more than those that owns it, Nigeria have the most religion houses than Saudi or Israel |
Re: Ruling On Muslim Working In An Interest-based Bank by midnighter(f): 11:35am On Feb 07, 2020 |
Dtoolz: Thank you! A reasonable submission instead of all these outdated rulings they keep posting here without any context |
Re: Ruling On Muslim Working In An Interest-based Bank by Laidebrain(m): 11:39am On Feb 07, 2020 |
Am a Muslim, but all i see all over this post is Hypocrisy... It's okay to deposit my money in those banks but it is bad for me to work in them.. This is Nigeria and not Saudi, Kuwait or Iran. How many non-interest banks do we have.. All of you have your money deposited in all these banks, you don't see it as Haram, but you see working there as Haram. Fear Allah before you start pushing posts like this to the general public. This is so so misleading. If you want to talk about issues like this, be ready to spell out all the clauses included in them. May Allah guide us right. Salaam Aleikun! Lukgaf: 2 Likes |
Re: Ruling On Muslim Working In An Interest-based Bank by midnighter(f): 11:41am On Feb 07, 2020 |
Agboriotejoye: I dont really understand your comment, sorry. What does it have to do with what I wrote? |
Re: Ruling On Muslim Working In An Interest-based Bank by midnighter(f): 11:43am On Feb 07, 2020 |
rowrowland: Anyhow you like it is okay, but what I have observed with my eyes is that most Muslims don't bother with Islamic banks and will rush the so-called "Haram" institutions |
Re: Ruling On Muslim Working In An Interest-based Bank by bnbash(m): 11:45am On Feb 07, 2020 |
The answer is simple my brother. Islamic banking is a transparent system that is based on sharing profit and loss Ykc2: |
Re: Ruling On Muslim Working In An Interest-based Bank by Hussein01(m): 11:47am On Feb 07, 2020 |
RisenPhoenix: Muslims may be forbidden to use-as a customer- or control an interest based institution in a state which has its Constitution sourced from the provision of Shariah. But with reference with a state like Nigeria which her existence is being governed by devoid-of-Islam colonial law, it's not an obligation to shun, or refuse to work with some interest based organisation like bank but not the likes of LAPO etc. The rationale behind this is that Islam give room to consider or break some rules in kind of extenuating circumstance and in absence of what is rightful, hardly can one see a non-interest oriented bank in Nigeria and considering the state of the economy it is not advisable and Islamic for a Nigerian to reject job offer in a bank, but the opportunity is terminated and become illegitimate upon getting a best alternative. For instance, eating of porn is permissible with conditions but the permission ends upon sighting a beef. but if one is such a devout Muslim to interpret and live by the attribute of Allah-The Provider he can reject the offer and Almighty Allah will surely provide. Talking of co-operative societies, we have much of it (Islamic Cooperative Societies), where you can borrow without interest, even Christians seek admittance and they were offered, and that is indicative of Islam tolerance. had it been in Christianity, the reverse would be the case, unless you want to trade your Islam with the intended money. 1 Like |
Re: Ruling On Muslim Working In An Interest-based Bank by Hussein01(m): 11:49am On Feb 07, 2020 |
osuofia2:that is cash reserve or liquidity ratio |
Re: Ruling On Muslim Working In An Interest-based Bank by bnbash(m): 11:51am On Feb 07, 2020 |
That is their problem fa. You can not force people to follow the religion. You only can advise and remind them to do what the religion teaches. midnighter: |
Re: Ruling On Muslim Working In An Interest-based Bank by Hussein01(m): 12:09pm On Feb 07, 2020 |
Agboriotejoye: pardon me for the intrusion. Interest might not meant to exploit the borrower but unfortunately it does and that is the difference Islamic Banking System is trying to make and menace it strives to deplore. As you also wrote up there that Bible discourages taking interest but not implemented and individualistic (why is that Christians' God command is for individual transaction instead of encompassing all Christian), Islam ensures it is not only on paper but implemented and enveloped all Muslims. you are supposed to know what is right and more beneficial now. |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 12:16pm On Feb 07, 2020 |
Hussein01: Thank you. @bolded. I do not understand this. What are the fundamental conditions for these extenuating circumstances? For example, you said that if one cannot get work at an Islamic bank, then one can work in a conventional bank. But wouldn't that imply that the only option that a muslim has to work is in a bank? My point is; he does not have to work in any bank at all if he cannot get an Islamic bank, or where is my guess going wrong? Also, refusing to work at an interest based bank becomes unislamic? Confusing. @second bolded. What do you mean by sighted? If a muslim goes to a buka where only pork is sold, he can eat it just because the next buka is across the street out of sight? What of if he uses a curtain to shut off his view or faces the wall, does it become ok? This is getting stranger. Looks like Islamic rules are useless and only there nominally if they are that simple to break. Or are you getting something wrong? The op does not seem to follow your opinion. |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 12:19pm On Feb 07, 2020 |
Rashduct4luv:Profit sharing by the bank? Is the bank a shareholder in the business to share in the business' profit? |
Re: Ruling On Muslim Working In An Interest-based Bank by Grace001: 12:20pm On Feb 07, 2020 |
RisenPhoenix: I couldn’t agree with you more, when it comes to banking system Islamic banking is one of the best. But I don’t base my comment on the Islamic banking system alone. Like I pointed out, practicing Islam to the fullness isn’t achievable in Nigeria that’s my point. There many instances we could talk about. |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 12:26pm On Feb 07, 2020 |
RisenPhoenix:What do you mean outside my field of knowledge? Do you know me? You brought up a false theory on interest and I educated you and you're accusing me of not being in my field of knowledge? |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 12:27pm On Feb 07, 2020 |
midnighter:What i'm trying to say is that religion itself is a product of philosophy |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 12:29pm On Feb 07, 2020 |
Grace001: @bolded. Lol That remains to be seen, thouhh I can understand why a muslim would say so. Proving it is a different issue entirely. Why do you think that practising Islam is not achievable in Nigeria? So as a muslim you don't practise Islam? Or do you mean that one can just nitpick whatever laws he wishes and look for justification for leaving the rest? Funny enough, I have always thought that the beauty of Islam lay in the aspect of its disciplined regulations. Now you are telling me that these are all a pretence and not meant to be followed; just as in Christianity? |
Re: Ruling On Muslim Working In An Interest-based Bank by Nobody: 12:30pm On Feb 07, 2020 |
Agboriotejoye: From the way you speak, it is obvious. The principle of money creation is one of the most fundamental topics in economics at tertiary level. Impossible that anyone with exposure to finance, economics or banking theories would not know what it is or how it works. Interest is also at the basis of money creation; practically the first formula you learn in any semi advanced banking class would be how much money can be created from deposits. So if interest is not used in exploitative practises, I would like a re definition of 'exploitative'. |
Re: Ruling On Muslim Working In An Interest-based Bank by Agboriotejoye(m): 12:35pm On Feb 07, 2020 |
Hussein01:Like your brothers said, the Islamic banks share in your profit. How does that differ from interest bearing in mind they are not shareholders. As for your second question, that is the basis why islam has become a prime religion of conflict out of the thousands of religions in the world. Religion is supposed to be a personal thing, a yardstick of your relationship with God based on your personal convictions and belief. Of course, if an homogeneous set of people come together and agree to be ruled by a religion, all the better. But the moment you allow religion to become a yardstick in your relationship with fellow humans and even your environment, especially those who may not subscribe to your beliefs, conflicts will arise. That is why you see that Christianity focuses more on your personal relationship with God instead of governmental ideals which islam inadvertently delves into. That is why you see so much conflict being bred by islamists 3 Likes |
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