Islamic banks
Question
I live in UAE and is it possible to get a loan from an Islamic bank. What is the difference between Islamic banking and conventional banking because both are offering same kind of products.
Answer
By changing words the product does not become halaal. If you are forwarding cash and taking an additional amount on repayment then this is interest, whether it is done through a conventional bank or any other bank.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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