Stewie Posted November 11, 2007 Originally posted by Socod_badne: How exactly does an Islamic bank make a profit if it doesn't charge interest? It's not like they don't collect interest, they just call it a fancier name: Hiba, mudarabah etc. Quote Share this post Link to post Share on other sites
YoniZ Posted November 11, 2007 Congrats to founder of this bank. Islamic banks are doing a great job to serve their communities. Being a Muslim living in the West, it is impossible to not have a bank account because of the payment system in these countries. If that is the case, Hypothetically speaking: Will I use Westren banks founded on Riba and Greed that will not hassitate to make profit by any means possible even if they claim that, they have a Shariah compliant accounts! or an Islamic bank where I am assured, my money will not be used in unethical manner(relegion wise) and have their Shariah complience board(among them Scholars that have a weight in the Muslim World). The choice is simple, I will choose in any occation the Islamic bank although they are not perfect. Quote Share this post Link to post Share on other sites
