What about banking Job

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Re: What about banking Job

@USResident

I think it needs to be understood what exactly is interest from an Islamic perspective and what is trading and business. Interest in Islam comes into play when charitable loans are extended to people in need and when two things of par instrinsic value are traded. These are the cases where interest is haram.

My opinion may be considered quite divergent from mainstream thought however I do not agree that an investment loan is a loan, its simply investment and carries its risks and rewards. The reward portion of it today is called interest but can also be seen as ROI. Our scholars classify interest incorrectly during business transactions. What is wrong Islamically is the nature of the business transaction but not because we call it interest. Interest of today does not carry the same meaning and extortion level as it did centuries ago.

US resident yahusuryu/riba is more akin to loansharking than financing in my view as well.