AskImamDarul Iftaa Mahmudiyyah (AskImam)

What is the alternative solution of Riba?

Fatwa 648English
Finance and Commerce

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
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