A R C H I V E S
Madinat al-Muslimeen Islamic Message Board
| usury |
|---|
| murnisah |
| 11/11/02 at 09:08:27 |
| Hi. [i]Quote[/i] Quran 2:278 - O you who believe! Be afraid of ALLAH and give up what remains (due to you) from Riba (usury) (from now onward), if you are (really) believers. [i]Refer also too[/i] - Sahih Al- Bukhari , Vol 3, Hadith No. 506. So how can a muslim refrain from committing usury on these situations: 1. Obtaining interest on saving bank account. There is no islamic banking system in my country. 2. Incurring interest for housing loan. Please don't suggest renting a house instead...and I can't afford to pay the lump cash money. 3. Having benefits from property insurance, medical insurance and life insurance...Is having insurance policy allowed in islam, in the first place? |
| Re: usury |
|---|
| ascetic |
| 11/11/02 at 16:32:38 |
| [slm] 1. You don't need to have a savings account. You can put your money in a checking account which does not accrue interest. Moreover, if you want to invest your money, you can do so in the stock market via mutual funds or regular investment. They even have an islamic stock index! Check out: http://indexes.dowjones.com/jsp/islamicMarket.jsp?sideMenu=true 2. There's a non-interest solution to home finance in the US: http://www.lariba.com They even provide auto/equipment/etc finance. 3. For the answer to this question, I'll once again user IslamOnline. Here's the answer they gave to your question: http://islamonline.net/completesearch/english/FatwaDisplay.asp?hFatwaID=11158 (Feel free to get other opinions on this). [wlm] |
| Usury Sucks. |
|---|
| SuperHiMY |
| 11/11/02 at 16:42:59 |
WalayKumHi Potential Sister LIZA, Answers to your questions in order: 1. I believe you are in Singapore. Although there is no complete Islamic Banking system in Singapore, there IS what is called an Islamic Banking Window. Here's an article about the background of Islamic Banking in Singapore: [url=http://tyo.ca/islambank.community/modules.php?op=modload&name=News&file=article&sid=571]SINGAPORE - ISLAMIC BANKING: INTEREST-FREE, BUT CERTAINLY NOT PROFIT-FREE[/url] After learning from the above article that Islamic Banking IS Available in Singapore, Next, [url=http://www.ocbc.com/me/accounts/alwadiah.shtm]CLICK HERE[/url] to see details of the Al-Wadiah Islamic Banking Account. You do NOT hafta be a muslim to enjoy this alternative to Interest savings accounts. Also, you can cross the border into neighbouring Malaysia, open up an Islamic Bank account at either BankIslam Malaysia Berhad (BIMB) or any of the other Interest-Based Malay banks that also have set up Islamic Banking [i]Windows[/i]. You may begin to hear more and more Singapore Banks offer Islamic Banking Windows in the near future. You haven't heard about this because they focus on the Muslims in Singapore and not the general population...for the time being anyway. So many Muslims from Thailand were crossing the border into Malaysia to do their interest-free banking, that the Thai Government has set up the first of many Islamic Banks, to be opened early next year. They did this to stop the drain of Thai savings to Malaysian Banks. 2. There is so much islamic banking activity in the jurisdictions surrounding your city, that the know-how and the money and willingness for banks to offer Islamic Finance / Interest-Free home financing is now possible. Just ask your current bank, the one you already deal with, to sell you an 'Islamic' home financing product instead of an interest-based mortgage. Otherwise, if/when the time is ready for you to actually purchase the home/condo/etc, you'll take all your banking business to one of their competitors, a bank that will finance your home with no riba. Why not be the first or second or third 'Islamic Banking' Customer at your current bank? THEY hafta start somewhere, why not start with u? 3. Takaful, the Islamic Alternative to Interest-based Insurance, is an arabic term meaning 'Solidarity'. Some things like Car Insurance and health Insurance may be regulated as mandatory by the government. Well, the scholars say that for the time being, that is okay. But, where you have a choice for a Takaful product instead, use that. [url=http://tyo.ca/islambank.community/modules.php?op=modload&name=News&file=article&sid=170&mode=thread&order=0&thold=0]CLICK HERE[/url] to Learn about the Islamic Concept of TAkaful and the difference with interest-based insurance. And, yep, Takaful Products are Already [url=http://tyo.ca/islambank.community/modules.php?op=modload&name=News&file=article&sid=786&mode=thread&order=0&thold=0]Available[/url] in Singapore. Lastly, Usury is a Latin word meaning simple interest. Mortgage is a Latin world meaning Death Tax. Halal Marshmallows are something I go for after Iftar... ~ HiMY! ~ |
| NS |
| Many links |
|---|
| NinthMuharram |
| 11/11/02 at 21:06:39 |
| [slm] Ok..i messed the url thingy and I am running out of time to modify this! Later! I'm pasting url here. But, these banks are all in Malaysia. Hong Kong Shanghai Bank(International Bank) http://hsbc.com.my/my/islamic/default.htm Maybank(local) http://maybank.com.my/business/other_services/islamic_banking/index.shtml Bank Islam(local) http://www.bankislam.com.my/index_e.html AmGGroup (local) http://www.ambg.com.my/i/debt/islamic/main_islamic.asp Rashid Hussein Berhad (local) http://www.rhbbank.com/islamic/index.htm http://www.rhb.com.my/unit_trust/syariah_panel/frame_sub_sya.htm Standard Chartered Bank (International)http://www.standardchartered.com.my/ib/ibhome.html Some news http://www.bday.co.za/bday/content/direct/1,3523,1155583-6078-0,00.html http://www.theedgedaily.com/article.cfm?id=17082 |
| 11/12/02 at 19:35:15 |
| NinthMuharram |
| ClClearly, that family is really in need.Re: usury |
|---|
| murnisah |
| 11/12/02 at 10:17:56 |
| Hi. Thanks for all the replies. I feel all these replies are so useful. Special thanks to Ninth Muharram. I guessed it's because we're in neighbouring countries...your solutions seems most applicable to me. Yes, I feel I can leave without a saving account. It's a good suggestion. But apparently, the housing loan and the insurance policies issues are still left undiscussed. I am very keen on the issue of committing usury from usage of insurance policies...particularly on this two incidents: 1. Some years back, my downstairs neighbour who is a muslim, got into difficulty in paying for his daughter crucial surgery procedures. As neighbours, my mom and I went to visit...and he expressed his financial situation. Naturally, my mom advised him that he should have got for his family a medical insurance...so he wouldn't get into this trouble. It was then, that I was first told by him that insurance is prohibited in islam..since it considered practising usury. At last, my poor neighbour had to get a loan from someone to solve that problem...but of course in loans, interest is also involved...isn't this usury too? So how? Is there another way to solve this kind of problem? No doubt, medical cost is really very expensive these days. I was told that in real islamic concept, family members should get together to help their relative in this situation. But of course, in real life....family usually disappear when we need help. 2. I had a former muslim colleague who passed away suddenly not so long ago. He left a wife (housewife) and two kids...one of whom had leukamia. My friends and I visited his family to give our condolences. We are naturally concerned over the financial burden that the family would be facing then. Then his wife confined to me (only me...not other friends), that her husband had some little savings for the family. And mainly, he had life insurance, so his wife and two kids are living on that money. She said that insurance money helps the family quite alot. (Of course later, the wife still went to get a job.) I understand in islamic context, other family members...particularly from the husband's side is supposed to help the widow and the three kids. Again, in actual life though, in difficult times other relatives disappear. Clearly, this widow with her kids really need alot of financial assistance, after such lost of her husband. I suppose her husband get such policy simply as a backup for his wife and kids if anything happens to him. But using life insurance money is also considered usury rite? So how? Is there any other alternative. Ahhh...I know as usual some sensitive people may already think that I am promoting usury...Let me say first, I AM NOT! Please help to clarify this matter. Thanks! |
| Insurance |
|---|
| NinthMuharram |
| 11/12/02 at 19:08:54 |
| [slm] http://www.takaful-malaysia.com/index.php?file=./Internet/profile/islam.htm Above link explains insurance from Islamic point of view. The products:- http://www.takaful-malaysia.com/index.php?file=./Internet/products/index.htm The mainpage http://www.takaful-malaysia.com/index.php I've checked. They don't have any branch in S'pore. But I will enquire to the branch near my place. Below is my*PERSONAL*point of view. Why do we save money? Pay bills, debts, buy house, car, education, medical etc. But most important to me is the financial freedom that I will gain InshaAllah. I don't want to worry abt money. If I or my family or friends need them during emergency, I will have them. But, I don't want lose sleep at night thinking abt my money either. It should complement my life and not burden it. After all, we are merely a manager to our assets NOT an owner. If you look at the products offered by the Banks, you'll see that you have choices to put your money into mutual funds, bonds, fixed deposit etc. Can Singaporean do their bankings in Malaysia?Lemme check on this for you. |
| Re: usury |
|---|
| EMILY |
| 11/22/02 at 18:13:57 |
| Asallamu Alykum, I live in the US and wanted to know if there are any Islamic Banks here if anyone knows? My credit is very poor from before I became a Muslim and I can not get a checking account and I only have a savings. Masalaama |
| Re: usury |
|---|
| SuperHiMY |
| 11/23/02 at 11:06:06 |
| [url=http://AsalamAlay.com]AsalamAlay.com[/url] Sister Emily, Peace and e-Greetings be upon you. There are at least SIX islamic financial istitutions, or IFIs, in the U.S.: [url=http://www.lariba.com]www.LaRiba.com[/url] aka American Finance House [i] They offer Interest-Free house financing in about 19 states. Based in Pasadena, California, but have agents all over the States.[/i] [url=http://www.guidancefinancialgroup.com]www.GuidanceFiancialGroup.com[/url] YOu mighta heard of MEFMoney? They got rolled into this company. [i] They offer Interest-Free house financing too. Based in Falls Church Virgina, Currently can help you in 5 states.[/i] [url=http://www.msifinancial.com/]www.MSIfinancial.com[/url] [i] They offer Interest-Free house financing too... Based in Texas, even though their website is dated, as far as I know, they're still operating.[/i] [url=http://www.ameenhousing.com]www.AmeenHousing.com[/url] Ameen Housing co-op [i] They offer Interest-Free house financing too... Based in Northern California.[/i] To open a checking account a little bit easier, Try local credit unions in your neighbourhood, or credit unions for which you may qualify as a member because of any academic or any career/job affiliations. Credit unions do pretty much what banks do at the basic account level but they're more human. HSBC, based in New York state also offers Interest-free Credit cards. So, you open up a checking account based in NY State at HSBC Islamic, aka Amanah Finance, then access your halal money anywhere by using your interest-free credit card at most bankmachines... I haven't got the exaxt url website for the above, InshAllah, I'll dig it up and post it here later... Anyway, Ihope this helps... ~ HiMY! ~ |
| 11/25/02 at 15:53:09 |
| SuperHiMY |
Madinat al-Muslimeen Islamic Message Board |