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[smak786110]

HABIB BANK..
The Bank of Tansraa...
The Bank of Last Resort (only for Tansraa)...
The most Beautiful and Convenient bank for us....
Anywhere,Anytime, Loan/Overdraft..Whatever you need, THEY HAVE IT !!

Anyway....lol
Are we allowed to keep an account with them ?
They are Shias, but completely based on Interest...
They are NOT ISLAMIC Bank !

[abuali]

Interesting point.

Let me break down the cause and effect in two simple scenarios:-

If its not allowed to bank with them then essentially we are saying muslims (shias included) should not bank/give business to muslim banks but instead give business to non-muslim banks

If it is allowed to bank with them, then essentially we support a business based on interest

Lets try and logically reason out the pros and cons and come to a conclusion whether its permissible, not only for us to bank with them but whether its permissible for a muslim to run a bank.

This also brings to light the issue of investing in a bank that is almost entirely dependent on interest income. In our case this is very pertinent due to the imminent IPO (Initial Public Offer) by NMB which may be anytime now.

[smak786110]

I got an answer from the London office of Agha Sistani, that we are allowed to buy shares in a bank.....even if they are dealing in interest, as we are not sure that our returns are from the interest money OR the other services they provide (account open, money transfer etc etc etc)

But, in the speech of Sheikh Murtaza Alidina as per I heard, he said its not allowed and gave an example with a alcohol company i think.... (pls correct me if am wrong abt this)

:?

[abuali]

Heres my reasoning as to the profits received from shares invested in the bank:

Say, 90% of the banks incomes is from interest
10% from other services

If i receive 100/- as profit from the bank, 90/- would be from the interest income and 10/- would be from other services.

Just my two cents.

Yes, I was informed that Dr. Alidina had discussed the topic and concluded that it is prohibited to invest in banks based on the principle that they deal mostly with interest.

I was not present though. Maybe someone who was can shed some light.

A very interesting issue here, Dr. Alidina must have answered using risalah of Aga Sistani and so would the London office. How come the differences?

Can you possibly post the question and answer exchange you had with the London office.

[smak786110]

These are the replies i got from different sources online:-

-------- Original Message --------
From: IMAM Info <info@imam-us.org>
To: ----

Assalamu 'alaikum,

Dear brother, it is permissible to buy shares in a non-Islamic bank; it
is not haraam.

Sincerely,

Imam Mahdi Association of Marjaeya

wrote:
> Salamun Alaykum
> Thanks for enroling me in your esteemed mailing list.
> My question is that "can I buy some shares in a non Islamic bank?"
> Thanks

In the Name of Allah, the Beneficent, the Merciful
We are very sorry for the delay
1- if that banks is financed by non-muslims then it is permissible
2- can you please clarify what is th meaning of Treasury Bills
Wassalamu Alaykum


-----Original Message-----
From:
Sent: 14 September 2007 20:52
To: eanswers@najaf.org
Subject:

Salaam Alaykum !

1) Are we allowed to buy shares in a BANK ? Ofcourse, all banks deal in
interest but they are also dealing in other services e.g. for opening bank
accounts for people,giving loans,etc.

2) Are we allowed to invest in Treasury Bills and Treasury Bonds, in which
the government will pay after maturity ? Its called a Discounted Paper, but
some people call it a Interest.

Please let me know at your earliest !

[Mazhar]

Salam

Abt keepin an account in a bank owned by muslim, it all boils down to the definition of a muslim bank, because accordin to rulings from our marjae(i dont have references)takin interest from a muslim bank is forbidden.

These are the definitions of a muslim that i have, so far come across

1.A bank which provides islamic services
2.A bank owned by a muslim regardless of whether it provides islamic services
3.A bank in which muslims keep their money,doesnt have to be owned by muslims (theory is u dont know if the interest money u are gettin is from a muslim or not)
4.A bank which is in a muslim state even though it might not be offering islamic services(place like the U.A.E)

So if anyone can answer what a muslim bank is i think our problem will be solved

Another theory i ve heard is whether the interest we get from banks should even be haram at all since all the money does is retain the purchasin power of the person with the rising inflation and all

Any thoughts?

[abuali]

Another theory i ve heard is whether the interest we get from banks should even be haram at all since all the money does is retain the purchasin power of the person with the rising inflation and all

Interesting. However, I think the marjae have already ruled on this. I think it is based on the logic that when one saves it is over an above ones immediate needs.

As for the definition of a muslim bank, i think you have hit the nail on the head. How do we define a muslim bank?

[Muhammad Mahdi]

A muslim bank should e one that follows islamic principles while banking. Since all these muslim' banks do not observe islamic priciples, they can not be classified as Muslim banks? :)

[smak786110]

dear friends....
Why do all these fuss and bang your head around ??

Just go and open an Account with CRDB, or EXIM or NMB or NMC or Bank M.....and the list goes on......
The situation is cleared...
Dump Habib........ Let them eat the haraam money themselves...