Fatwas by the Egyptian Office of the Mufti - 1900- 1989 1. Subject: Prohibition of bank interest. Question: Is the use of Bank money permissible (Halal) or prohibited (Haram) ? Is what is taken of it for trade considered Riba or not (i.e are business loans taken from a bank at a fixed rate of interest considered to [...] [...more]
It is a common practice to equate the English word ‘Interest’ with the ancient Arabic word ‘Riba’. However, this simple correlation disregards the subtle nature of Riba… THE TERMS ‘INTEREST’ AND ‘RIBA’ ARE NOT ENTIRELY SYNONYMOUS The meaning & definition of Interest appropriate for our purposes is the one in common use, which happens to be a [...] [...more]
Islam has laid down a number of laws governing human conduct to ensure the wellbeing of society. A good part of these rules are of a financial nature, governing financial transactions and prohibiting certain undesirable practices such as usury, hoarding and bribery which militate against economic justice and fairplay. Needless to say, Islam envisages a just [...] [...more]
