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Nairaland Forum / Nairaland / General / Religion / Islam for Muslims / Difference Between Riba-based Banks And Islamic Banks (9573 Views)
The Difference Between A Haram Relationship And Love / Is Riba (Usury) Forbidden In Islam? / Opening An Account With Riba Based Banks (2) (3) (4)
Difference Between Riba-based Banks And Islamic Banks by Rashduct4luv(m): 9:25am On Oct 27, 2023 |
Summary of answer Islamic banks are based on permissible transactions such as selling, buying, profit sharing, partnerships and other Islamically-acceptable forms of investment. The interest-based system on which commercial banks are based is a prohibited system that is based on lending and borrowing with Riba. Praise be to Allah. 9 Likes
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Re: Difference Between Riba-based Banks And Islamic Banks by adesegun121(m): 9:55am On Oct 27, 2023 |
Noted 1 Like |
Re: Difference Between Riba-based Banks And Islamic Banks by ClimaxHerbalixt(m): 9:58am On Oct 27, 2023 |
Baarakallohu fihi 5 Likes 1 Share |
Re: Difference Between Riba-based Banks And Islamic Banks by Smartdoctor: 10:03am On Oct 27, 2023 |
I actually put over 2m on my new jaiz account and I noticed this jaiz bank is no different from other criminal banks in Nigeria as this guys charge me 50 for every transaction that comes to my account irrespective of the amount. And the worse part is that, this jaiz bank will charge me 100 for recharge card I purchase using my account. I've returned my money to my formal Biko. JazakumuLLAHU Khair and jumaat Mubarak 23 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by justtruth88miSt(f): 10:03am On Oct 27, 2023 |
May Allah guide us aright 2 Likes 1 Share |
Re: Difference Between Riba-based Banks And Islamic Banks by mu2sa2: 10:09am On Oct 27, 2023 |
A God ordained system will always be perfect and just. The interest-based banking is man created and founded on greed, selfishness and wickedness. The difference between shariah-oriented banking and interest-based banking is like the difference between good and evil or light and darkness. 6 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by Mccullum: 10:13am On Oct 27, 2023 |
The Islamic bank still having issue on financial capacity, that has led them to some how imitating all these riba banking system. 6 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by aktolly54(m): 10:32am On Oct 27, 2023 |
First and foremost, am a Christian and Jesus is lord. I hope we christian got christian bank too, at least it will benefit people of God with no or low interest rest. Sometimes I got sad when I see good christian who is poor. At least if there is opportunity to get a loan with no interest rate and some measurements are put in place because people can be funny at times but it shouldn't stop someone helping the poor which God will be happy in heaven and rewards 3 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by beardedboy(m): 10:39am On Oct 27, 2023 |
Smartdoctor: I've been using Jaiz for years and honestly, I can't relate with your predicament. My experience with them has been great. They even give you a monthly share of the profit they make from your funds. Yes, it's a neglible amount but it's still there. 12 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by HAH: 10:47am On Oct 27, 2023 |
There is nothing like Islamic Banking in Islam it was just a creation in 1963, haram and halal can only be in Qur'an or Hadiths not some ulamas consensus, and what they said is interest looks like usury which is prohibited in Qur'an but looking like is not same as the same thing, whisky looks like water but are the the same ? Banking is business and there is time value of money what we call Islamic Banking is just some people using Islam for profit, most of the things out Islamic banks do is similar to what the conventional banks do they just creat an Islamic name for it to deceive the gullible, banking is business and every business is expected to make profit in this case is called interest, more so the usury in Islam is on gold and silver not paper or computer money as that was not mentioned. May Allah guide and protect us all 5 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by Banjoramos(m): 11:00am On Oct 27, 2023 |
Surah Al-Baqara, Verse 275-276 الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىٰ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ وَمَنْ عَادَ فَأُولَٰئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns [to Riba (usury)], such are the dwellers of the Fire - they will abide therein. يَمْحَقُ اللَّهُ الرِّبَا وَيُرْبِي الصَّدَقَاتِ وَاللَّهُ لَا يُحِبُّ كُلَّ كَفَّارٍ أَثِيمٍ Allah will destroy Riba (usury) and will give increase for Sadaqat (deeds of charity, alms, etc.) And Allah likes not the disbelievers, sinners. May Allah grant us understanding and make us among those who take heed. Aameen 4 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by pinkyruledworld(m): 11:12am On Oct 27, 2023 |
Smartdoctor: If the amount coming into your account is 10k and above. All naija banks deduct 50naira. Its is a cbn policy. What most banks do is, they dont make it reflect, so na why you no know. Pay a close attention to a couple inbound transactions if you have the time and you would realize this. 8 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by FiftyFifty(m): 11:38am On Oct 27, 2023 |
@ Op Jazakallahu Khaira. Barka da Jumu'ah to my Muslim brothers and Sisters. 5 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by Ajibbbbbb: 12:08pm On Oct 27, 2023 |
I'm learning |
Re: Difference Between Riba-based Banks And Islamic Banks by sunna4u: 12:28pm On Oct 27, 2023 |
This piece of information is very valuable |
Re: Difference Between Riba-based Banks And Islamic Banks by sunna4u: 12:28pm On Oct 27, 2023 |
aktolly54: I am a Muslim. But I liked your post. |
Re: Difference Between Riba-based Banks And Islamic Banks by WiszyFraud: 1:02pm On Oct 27, 2023 |
Smartdoctor: The ₦50 being deducted on every transaction is the FG’s stamp duty charge which is applicable to every bank in Nigeria.. If the transaction is below 10k, you won’t be deducted. You should report to the bank’s customer service if you notice any additional charges when you recharge. I’m an atheist, but i can confidently tell you that Jaiz bank is a really great bank to save your funds with. 1 Like |
Re: Difference Between Riba-based Banks And Islamic Banks by ShoeGetSize: 1:07pm On Oct 27, 2023 |
Even in Saudi Arabia their Central Bank regulates interest rates. Saudi owes 200 billion dollars to countries like China and USA and they are paying interest on the loans they borrowed. mu2sa2: 2 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by Hassanmaye(m): 1:20pm On Oct 27, 2023 |
Rashduct4luv:Jazakallah 2 Likes 1 Share |
Re: Difference Between Riba-based Banks And Islamic Banks by jimmynauty: 2:21pm On Oct 27, 2023 |
what constitute PROBI ITED and PERMISSIBLE? Be explicit. |
Re: Difference Between Riba-based Banks And Islamic Banks by nitt: 3:09pm On Oct 27, 2023 |
beardedboy: Me too. I don't know which Jaiz bank he banks with |
Re: Difference Between Riba-based Banks And Islamic Banks by aktolly54(m): 4:38pm On Oct 27, 2023 |
sunna4u:thank you. Sometimes God won't share it equally. Once God bless you, try spread the wealth by empowering people around you. And don't add any interest on the empowerment thing. Just ask them to repay exactly amount you pay. Ensure they pen down some agreement because some people can be funny but ingrate people should stop our good heart to functions very well. 2 Likes |
Re: Difference Between Riba-based Banks And Islamic Banks by Expanse2020(m): 11:09pm On Oct 27, 2023 |
beardedboy:Don't mind him he wants to start false propaganda.,..Jaiz is better |
Re: Difference Between Riba-based Banks And Islamic Banks by Smartdoctor: 8:47am On Oct 28, 2023 |
WiszyFraud:Would do just that. Thanks 👍 |
Re: Difference Between Riba-based Banks And Islamic Banks by oluku86: 10:59am On Oct 28, 2023 |
Smartdoctor:jaiz bank is not different from conventional bank in their modus operandi, imagine someone invested 7 million for 90 Days only for him to be paid dividend of 101k. The worse of it all was when it's Twitter account was contacted over the transaction, without any enquiry as to which business was the money invested in, as if there's a fixed percentage for any money invested for mudorabah, he replied the dividend of 101k was correct. There I just concluded that there's is no shariah compliance in their way of operation at all. No difference from conventional bank 1 Like |
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