Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial System

[kakaballi]

@firenze

^ which part you didn’t get.. ?

the foundation of Islamic checking/savings .. is based on Interest, inter-bank lending (again interest) .. libor/fbr (again interest) .. the international transcations (again interest) .. clearing houses (interest) swift (interest) …

so what’s the difference by depositing in so-called islamic bank or ordinary bank?

In the current global environment, you cannot be a 100% true Muslim, but you do strive to be better (if you want to).

Same is the case with Islamic Finance and Banking. We cannot have a 100% fully Shariah compliant products but we can always strive to get there.

I agree with you that current products are not 100% Islamic. Not even 50%, maybe 10%. Two things come out of it:

1. Isn’t something better than nothing?
2. Should we just stop trying to improve?

Praying once a week is still better than never praying, in my opinion. And one should not just stop striving to be better because he/she cannot be perfect.

P.S. In my personal opinion, based on limited knowledge of Islam and Finance, ‘interest’ as we have today is not equivalent to ‘ribah’ and there is nothing wrong with having paper money.