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...
Tax Payments On Reserves
Where applicable, the bank must pay tax from the amount deducted annually for the investment risk reserve.
Where applicable, the bank must pay tax from the amount deducted annually for the investment risk reserve.
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.
Unclaimed Funds
These amounts may be given away in charity. If the rightful owner returns, he must be informed of what was done. If he still demands the money, the...
These amounts may be given away in charity. If the rightful owner returns, he must be informed of what was done. If he still demands the money, the...
Unclaimed Cheques
It is permissible to give these funds away in charity after the bank has made every attempt to contact the client. If the owner returns after the...
It is permissible to give these funds away in charity after the bank has made every attempt to contact the client. If the owner returns after the...
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...
Monthly Giveaways
It is permissible for the bank to offer prizes through a drawing as an incentive to lease.
It is permissible for the bank to offer prizes through a drawing as an incentive to lease.
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.
ASK AN ISLAMIC FINANCE QUESTION
Each question is reviewed by an Islamic finance expert and approved by a scholar.
