KanoOnline.com Forum

Is anyone interested in Islamic Banking? Do you have any ideas past or present experiences in this field? How about trying to persuade alot of northerners to go Islamicity on their finances?

Is it practised in the Arewa? If not, how can we all start it for those interested?

Can you forward the main aims & advantages of Islamic Banking to main disavantages of other bankings in general.

I for one know one disadvantage:
- Interest is HARAM,
Any more.......?

Malam Ummita good job.
Unlike you previous post talking about colonialism, this is most heartening. Wallahi I have constantly debated within my self what breeds the reluctance of we Muslims, in arewa especially, towards this noble goal. For your info, some banks have starting taking some bold step toward making Intrest free banking into reality, but that, I am sad to say, has been going at a snails speed. To me, this can be stopped. A you said, interest is haram, actually, its the only munkar, with which Allah has declared war upon. Such is the magnaminty- evil wise- of Riba.
It is true, that our disregard for punishment in the hearafter, or the non belief of the hearafter at all contributed to this. I say this because, if we believe in ranan tashin kiyama ta lallai bazamu karbi riba ba.

What do you think is the solution?

Ni ina ganin manya bankuna kamar Banki Arewa ko TRopical and the multitudes of State based banks ya kamata su dage suyi setting target game da wannan masifar. After 2-3 years of enlightnment, interest should be banned in the Sharia practising states and from there, in allah ya yarda komai zai yi dai dai.
Allah shi taimakemu.
Amin

I work in a bank, not Islamic Bank but conventional or what you call modern banks. Recently I stumble on a site called Fatwa-online.com, very educative, and down to earth straight forward. I want to quote some Fatwas from some of the best and most authoritative scholars. All of them are in ralation to Ribaa and Banking. These are according to the ruling of these scholars in relation to What the Holy Qur'an and Prophet (SAW) said in respect of Ribaa, I can't copy please check http://www.efatwa.com or http://www.fatwa-online.com.

I wish someone could get us some more cearification here, it's such an important topic.

Nice topic Ummita :)

The bank I have an account with is an Islamic Bank...no interest nothing...even the Credit account...that's why I like the bank; they charge nada.

But I think there's one bank in Kano that is an Islamic Bank...it's near central hotel but I don't know how their service is.

Allah yasa dai nan gaba ayi ta bude Islamic banks ko wani abun ya ragu a garin insha Allah.

I have a question while we are on this topic. can anyone explain to me savings bond and if it will also be considered as an interest kind of thing. for people who doesn't understand what I'm saying, savings bond is like saving your money as the government paper and wait until it reaches maturity and then you can spend it. like if I have $50 savings bond I can use it right now as $50 but if I wait until it's maturity time it might double. so is that considered interest money also, eventhough savings bond is controlled by the government?

I hear I heard that this service will soon start in Bank of the North? Yes yes yes!! This is great. I know of interest, but Gimbiya I dont know of this bond thingy...Fill me in I would like to know about any other style of ineterst apart from the normal one they add to onces account

Hmmmm... I guess before we can have the answer on Govenment Bonds a few more q's need to be answered....

- The govt offering the Bonds itself (is it secular, islamic etc)?

- Are the rate of returns guaranteed or do you stand to loose everything (i think Islam is against guaranteed returns).

- And integerally whats is this money used for before the bond matures?

A few q's that i think will help in getting the right ans to the main Q.

Ciao

Salam
whoa ! This is an eye opener.....just hope that the Nigeria, especially  arewa will have this system all over
Insha Allah

a

QuoteI have a question while we are on this topic. can anyone explain to me savings bond and if it will also be considered as an interest kind of thing. for people who doesn't understand what I'm saying, savings bond is like saving your money as the government paper and wait until it reaches maturity and then you can spend it. like if I have $50 savings bond I can use it right now as $50 but if I wait until it's maturity time it might double. so is that considered interest money also, eventhough savings bond is controlled by the government?

Don't know much about savings bond myself, but from the very little I understand (and it is very little!) I think that if the bond is not risk free, then it cannot  be considered as interest. If it is risk free, then what ever accumulates on top of the principal can be considered as interest. Risk free in the sense that you lose nothing in the event of a bad investment and can actually recoup your money.
On the other hand, even if it is not risk free, then you have to consider the kind of investment that your money would be put into. The Govt could very well lend your money to any venture it deems profitable, like the sale of alcohol for example. So the dividends that you get at the end may not be ......well quite...er...halal?
I may be totally wrong of course. So I will appreciate some knowledgeable pundit to correct me and shed more light on the issue. :)   :) :) :)

Hello everyone.
now let me explain more about this savings bond thing...
Savings Bonds are government-issued and government-backed. They are debt instruments that make periodic interest payments. These payments are added (accrue) to the value of the bond, rather than being paid in cash. saving bond is not risky at all as I said you can use it anytime you want or you can wait until it reaches it maturity. savings bond is like lending money to the government and the government will give you this piece of paper that will say how much you have lend to them, in case you need your money before the period of the time that they have said, all you need is show that paper and you will get your whole money with nothing extra on top of it, but if you let it reached it maturity time you will all of your money and more. also after it mature you can keep it without cashing the bonds and let keep accumulating more money on it

Thanks Gimbiya for enlarging my education.

Well let me just tofa nawa, douw i don't know much.
Anything dat has interest is called "Ruwa" (i think lol)

If u were there when an interest was given or signed,
If u work in a frim who give or collect interrest (banks  :o)      If u collect an interest,
If u were given an interest,
If u used or ur ar usin money with an interest,

As the Turkish islamic society have investigated, "it just like ur've committed adultery with ur Mother (a'uzubillah)
THE SIN IS ALL THE SAME 4 THE PERSON WHO APPLIES 2 DA ABOVE LIST.  
Saboda haka un'uwa musulmai, it's hard to avoid interest as english civilisation is allover, but as Umita said Islamic Banking & also islamic morgage is now available.
Bissalam

QuoteWell let me just tofa nawa, douw i don't know much.
Anything dat has interest is called "Ruwa" (i think lol)

If u were there when an interest was given or signed,
If u work in a frim who give or collect interrest (banks ?:o) ? ? ?If u collect an interest,
If u were given an interest,
If u used or ur ar usin money with an interest,

As the Turkish islamic society have investigated, "it just like ur've committed adultery with ur Mother (a'uzubillah)
THE SIN IS ALL THE SAME 4 THE PERSON WHO APPLIES 2 DA ABOVE LIST. ?
Saboda haka un'uwa musulmai, it's hard to avoid interest as english civilisation is allover, but as Umita said Islamic Banking & also islamic morgage is now available.
Bissalam

wow! beebat the comment above is really strong, do you know that there's possibility that more than 90% of the people on this earth have been the victim of what you have said above.
- if you didn't accept an interest then you probabbly pay someone interest
- also if we do some deep research we will find out that even the food we eat, the close we wear the land we live in consume some type of interest in some way.
the only thing I can say is that God help us, 'cos this is terrible. Now it seems like the only way a country can help it's people is with interest of some kind of business, why is that? is there's a way that all this can be stopped?

Yes Habeeba is absolutely ryt? I also happen 2 not hear it but 2 read an Islamic research. but 2 every rule theres an xception...Allah yasan intentions dinnmu...so mayb I dunno mayb.........we will not b held liable on such thing.

Interest is haram 2 those that collect it, those that even work in any bank that gives interest out interest..........yes shes ryt.

So if islamic Bankin shud come in2 xsistance then I suppose it will turn out 4 d better. Banks that also collect Charges...I heard that, it is haram because...ppl work & strive 4 it...the bank offers 2 keep our money 4 safety..they influence us 2 bank with them...& they charge us...that basically means they are not doing it for nefink....Theres an Islamic bankin that will soon start...but am not goin 2 mention d bank, b'cuz they r facin sum problems but as soon as it starts then it can b mentionable.........(ayi hakuri wo) that bank will not charge anything. u keep ur money they dont put interest & they dont charge.