The World Federation One Stop Fiqh

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Islamic banking


Few scholars call islamic banking as total fraud and deceipt.They claim that islamic banking is totally un islamic and theres no difference between traditional conventional banking and so called islamic banking…They say that salaries of islamic banking employees is surely haram and none of their charity and good deeds are accepted since ALLAH doesnt accept any HARAM.


Wa Alaikum al-salam

Thanks for your question

The answer to this question really depends on your definition of islamic banking, if you mean rules for businesses and deals, since our religion is the most advanced religion ever definitely has rules for that like riba or prohibited businesses. This far is acceptable by all scholars. From these general rules the concept of islamic banking appears. but in action, there could be some problems because of human error or corrupted legislators or bad legislations etc. it’s unfair to consider the entire concept haram and say everybody that works in this system is earning haram money.
So first we have to clarify what is the meaning of islamic banking, then we have to clarify what we mean from traditional (like switzerland banking) and islamic (like iran or pakistan banking). even considering all this if this claim is correct then it means traditional banking is haram and since there is no difference between so called islamic banking and traditional banking then any sort of banking is haram; which makes life impossible because banks became an inseparable element of our life.

Sheikh Mahdi Mosayyebi