We Don’t Go to Bars, Why Do We Go to Banks?

We Don’t Go to Bars, Why Do We Go to Banks?

By SuhaibWebb on from www.suhaibwebb.com

When I recently consolidated a student loan I had taken out many years ago, I noticed that the amount I owed was more than double what I had originally borrowed. I’m still in school, so I don’t have double the education from when I first took out the loan. I definitely don’t have double the income. Even before I knew anything about Islam and how it forbids usury, I knew something was wrong with that picture. And that there was a bigger picture involving a whole world in debt crisis.
The Failure of Islamic Finance

The Failure of Islamic Finance

By MuslimMatters on from muslimmatters.org

The Islamic finance industry has often battled with the question: How Islamic is Islamic banking? The question's pertinence was raised by Sheikh Muhammad Taqi Usmani who said that 85% of Sukuk, or Islamic bonds, were un-Islamic.
For Muslims, There's the iFreedom Plus MasterCard

For Muslims, There's the iFreedom Plus MasterCard

By l0gikal on from www.chron.com

For the first time in North America, a company is offering a credit card specifically aimed at Muslims. It's called the iFreedom Plus Mastercard, and yes, it's Shariah (Islamic law) compliant. With no interest, no bills, and no credit card debt, it's perfect for Muslims who have previously shunned traditional credit cards or have had to pay their balance in full each month to avoid paying interest, which is prohibited in Islam. It's an interesting combination of Muslim and Western consumer cultures, or at the very least, some sound financial ideology.
The Case Against Interest (Part I)

The Case Against Interest (Part I)

By SuhaibWebb on from www.suhaibwebb.com

By Abu Ubaydah Andrew Booso
Part I | Part II

The prohibition of interest in Islam is a Divine ruling; hence a Muslim seeks to submit to it. Nonetheless, there are two crucial aspects to such submission. Firstly, we believe that all Divine rulings have wisdom, even if we are not cognisant of the wisdom. Secondly, with [...]

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