In such a case, the Islamic bank has the option of entering into a Mudarabah contract with the conventional bank. The Islamic bank assumes the role...
Fees For Transfers
It is permissible for the bank to charge a fee for services such as money transfers. The fee charged must be in proportion to the service being...
It is permissible for the bank to charge a fee for services such as money transfers. The fee charged must be in proportion to the service being...
Islamic Bank Depositing In Conventional Bank
Islamic banks should seek to maximize their dealings with other Islamic banks, but in case of genuine need an Islamic bank may deposit funds with a...
Islamic banks should seek to maximize their dealings with other Islamic banks, but in case of genuine need an Islamic bank may deposit funds with a...
Mutual Loans
It is permissible to exchange these kinds of interest-free loans provided no fee, payment, or penalty is attached to them.
It is permissible to exchange these kinds of interest-free loans provided no fee, payment, or penalty is attached to them.
Repayment From Interest Bearing Accounts
It is lawful for the Islamic bank to accept these funds because there is no connection between the Islamic bank and the source of these amounts....
It is lawful for the Islamic bank to accept these funds because there is no connection between the Islamic bank and the source of these amounts....
Contests For Account Holders
It is permissible to offer incentives such as contests for permissible prizes to attract lessees to open accounts at the bank in order to have...
It is permissible to offer incentives such as contests for permissible prizes to attract lessees to open accounts at the bank in order to have...
Privileges For Account Holders
It is lawful for the bank to offer account holders, whether in general or only to a specific group, with special privileges such as gifts and...
It is lawful for the bank to offer account holders, whether in general or only to a specific group, with special privileges such as gifts and...
Assistance In Cash And Kind
It is permissible for the bank to offer assistance in cash or kind to its current and investment account holders provided that this is not...
It is permissible for the bank to offer assistance in cash or kind to its current and investment account holders provided that this is not...
Charging Fees For Late Repayment
It is not lawful to charge anything above the due amount for a delay in repayment regardless of whether the delay is intentional or not. Instead...
It is not lawful to charge anything above the due amount for a delay in repayment regardless of whether the delay is intentional or not. Instead...
Purchase Of Business License
It is lawful to purchase the business license of a business whose operations are riba-based for the purpose of making them Shariah compliant.
It is lawful to purchase the business license of a business whose operations are riba-based for the purpose of making them Shariah compliant.
Disclaimer: Although care has been taken in preparing the information contained in this Q&A database, Ethica Institute of Islamic Finance cannot guarantee the accuracy thereof. Anyone using the information does so at their own risk and shall be deemed to indemnify Ethica Institute of Islamic Finance from any and all injury or damage arising from such use. One should double check with a qualified scholar to see whether the Q&A applies to one's particular situation.
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