Question about Islamic banking

[The Alchemist]

I am thinking of opening an Islamic current account in MCB.
I mean they are easier to have e.g they have lower minimum balance requirements, but are there any drawbacks of Islamic accounts?

 

[sinnersaint]

I've an account in Dubai Islamic bank, have no issues other than their system messing up most of the times when I go there to take cash out (I don't use ATMs)

 

[Schneizel]

Go for Meezan bank. Their charges are quite nominal.

 

[crazygamer]

islamic banking is just a punny thing because they just change names rest nothing changes because the banking system is based on interest ( sood ) there is no way out

 

[Schneizel]

No, I disagree. Islamic banking is probably the next thing in banking. Ever wonder why conventional banks are opening Islamic windows?

As far as interest is concerned, yes its similar as their anchor rate is kibor. However, this is expected to change.

 

[staticPointer]

keep one thing in mind, islamic banking doesn't mean real islam bank !!! BANK BUSINESS

 

[crase24]

There is nothing like bank islamic

Standard chartered bank islamic account cuts rupees 1200 as zakat for rupees 38000 and gives interest of 500 rupees annually

Neither such amount is liable to zakat and interest is also prohibited in Islam


Sent from my iPhone using Tapatalk

 

[OmMeE]

I am thinking of opening an Islamic current account in MCB.
I mean they are easier to have e.g they have lower minimum balance requirements, but are there any drawbacks of Islamic accounts?

If you have a choice then dont opt for MCB. One of the most THAKKA HUWA banks in Pakistan. Not reliable. As for the drawbacks, I think they take a little more profit for stuff.. Atleast SCB islamic one does.

- - - Updated - - -

Ever wonder why conventional banks are opening Islamic windows?

Thats because of our literacy rate.
Anyways, everybody has their own view

Good Luck!

 

[ahmed anas]

Well i'll give my 2 cents in this argument as well. I'm not sure whether islamic banking is hallal or haram, but it's pretty clear the traditional banking is Haram and I'd rather not keep my money in a place where it would be used for riba (though again, whether or not this is permissible is debatable)

BUT necessity dictates for you to have a bank account, so at the very least you should try to stay away from it as much as possible. For me the definition of 'as much as possible' was to have a bank account in an islamic bank.

 

[Blastwave]

I'm not sure whether islamic banking is hallal or haram,

:fp2:


[MENTION=16885]The Alchemist[/MENTION]

Go with the bank with best services, don't believe they are offering 100% sharia compliant Islamic banking.

 

[azharkhan]

As for the thread opener, go for Meezan Bank. End of Discussion.

As for the others, ISLAMiC Banking is the future. (but a long distant one)
& YES u can say its not fully Halal or just a name blah blah. But remember its always upto us that we shud try to be lesser evil so y not going for the islamic banks for the names sake atleast.

For the interest matter, normal banking gives u a fixed interest IN UR FACE means crying out loud your profit. (Clear cut Soooood)
While islamic banking's process is on business terms, like you are an investor, invest money in Bank as a shareholder & u will get profits as per ur share & a LOSS as well but never occurs.
So atleast they are trying no matter they end up giving you same type of profits.

Spoiler: show

"Kukar HALAL karo ya jhatka (current) de kar uraa do end pe aani uski chicken karahi hi hai or tum ne khaa bhi jaani hai"

Why no 100% HALAL,
1st we are effing Pakis we cant do our shyt RIGHT. Its in our HEADS, in our CULTURE & in our effing BLOOD.
Main thing is that the processing is HARAM all circulation of money is via state bank of pakistan so money can never be HALAL.

Anyways the end of story is upto our own understandings. So do whatever u want to do.



ALERT !!!

Wanted to ask something here if someone can make a search & confirm providing some sources on this.
Heard somewhere on TV by someone that,

" Sood lena (khana) Haram hai dena nahin "

 

[AchtungPakhtoon]

Having myself worked for an Islamic bank let me tell you that even though there is a substantial push for things going in an Islamic direction, but as an earlier poster mentioned that operating in a interest based system automatically makes it haram. Though banks are a need in today's world and one can choose the lesser evil in this case.

http://islamqa.info/en/82669/[URL]

 

[AchtungPakhtoon]

As for the thread opener, go for Meezan Bank. End of Discussion.

As for the others, ISLAMiC Banking is the future. (but a long distant one)
& YES u can say its not fully Halal or just a name blah blah. But remember its always upto us that we shud try to be lesser evil so y not going for the islamic banks for the names sake atleast.

For the interest matter, normal banking gives u a fixed interest IN UR FACE means crying out loud your profit. (Clear cut Soooood)
While islamic banking's process is on business terms, like you are an investor, invest money in Bank as a shareholder & u will get profits as per ur share & a LOSS as well but never occurs.
So atleast they are trying no matter they end up giving you same type of profits.

Spoiler: show

"Kukar HALAL karo ya jhatka (current) de kar uraa do end pe aani uski chicken karahi hi hai or tum ne khaa bhi jaani hai"

Why no 100% HALAL,
1st we are effing Pakis we cant do our shyt RIGHT. Its in our HEADS, in our CULTURE & in our effing BLOOD.
Main thing is that the processing is HARAM all circulation of money is via state bank of pakistan so money can never be HALAL.

Anyways the end of story is upto our own understandings. So do whatever u want to do.



ALERT !!!

Wanted to ask something here if someone can make a search & confirm providing some sources on this.
Heard somewhere on TV by someone that,

" Sood lena (khana) Haram hai dena nahin "

What do you mean when you say "....sood dena haram nahi haii" ....it depends on the situation, if the person knowingly goes into a transaction where he knows he will be paying sood and he has an alternative as well, then in that case he is also liable. Check the below link on a better understanding though the context is a bit different, but still you'll get an idea. Search this website with keywords to look up other opinions based on shari' rulings.

http://islamqa.info/en/202904

 

[Blastwave]

Guys stay on topic.

 

[cobby]

We can never be sure whoz doing halal or haram in name of Islamic banking .

but if I had to open account in Islamic banking , better to choose the bank who only does Islamic banking , u mentioned mcb , they do both conventional and Islamic so how come one will open account there when they operate in both ways .

so open account in the bank who only does Islamic banking and not conventional , that is another issue that the Islamic banking they does is halal or haram

 

[fayaz88]

Nearly every bank offers accounts in which the minimum balance is very low. Don't choose an account just because of this. What you should be looking for is what this bank charges for its services. What do they charge for ATMs annually, transactions within bank and to other banks, what do they charge if you choose to finance a car or maybe takeout a loan, etc. Also, how is their customer support? How are their branches?

These are the questions you need to answer. What this bank charges you can look up online at their site in a document called "Schedule of Charges". For convenience, you can directly call MCBs helpline and ask what is the difference of charges between conventional MCB current account, and an Islamic current account.

I don't have an Islamic account so I can't tell you my experience. You should wait until someone shares his/her experience with the Islamic bank, because you never know how their services are until you hear from customers.

Just for your information: If you choose a conventional current account, the bank won't put any interest in your account, and neither will bank deduct any Zakaat from your account.

 

[Schneizel]

Nearly every bank offers accounts in which the minimum balance is very low. Don't choose an account just because of this. What you should be looking for is what this bank charges for its services. What do they charge for ATMs annually, transactions within bank and to other banks, what do they charge if you choose to finance a car or maybe takeout a loan, etc. Also, how is their customer support? How are their branches?

These are the questions you need to answer. What this bank charges you can look up online at their site in a document called "Schedule of Charges". For convenience, you can directly call MCBs helpline and ask what is the difference of charges between conventional MCB current account, and an Islamic current account.

I don't have an Islamic account so I can't tell you my experience. You should wait until someone shares his/her experience with the Islamic bank, because you never know how their services are until you hear from customers.

Just for your information: If you choose a conventional current account, the bank won't put any interest in your account, and neither will bank deduct any Zakaat from your account.

You can also tell the bank not to deduct zakat on savings account by using an affidavit.

 

[Thugnificent]

Current account for any bank should be fine i guess as you're not getting any interest on your money anyways.