Darul Iftaa Mahmudiyyah

What is the alternative solution of Riba?

· 27 Jumada I 1421 AH1 min readFatwa 648English

Question

In Islam I know Riba is haram. Is there any Islamic banking system which can remove riba from our society?

Answer

There are many Islamic banks operating on Islamic rules and principles of economics, for example, Murabahah (purchase and sell on profit), Shirkat (partnership), etc. Alhamdulillah, they have been very successful and admired by conventional banks.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
View original Compare with other Darul Iftas
Questions about this ruling, answered only from the archive with sources.

Where scholars differ, it’s safer to take the more cautious view.

Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah. It is not a fatwa service. For your own situation, please ask a Mufti. Report an issue

For corrections or mistakes, please email us at fatawasa786@gmail.com.

Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/648
Fatawa SA: https://fatawa.co.za/fatwa/askimam-648

People also ask

What should I do with bank interest?

“The receiving and giving of interest is totally impermissible. In the unfortunate event of being involved in an interest bearing transaction, the interest money must be returned to its original owner (the one from whom interest…”

MUBZ · 321 fatawa from 9 Darul Iftas on this

What the Darul Iftas say

Related fatawa