Working in a bank

[bao_bihari]

Re: Working in a bank

@kakaballi

I am sorry, but Musharakas and Mudarabas (in Pakistan at least) mostly invest in stocks of companies and not real business ventures. These companies are also financed by traditional banking channels. I am not sure if profits from such investments would still remain purely shariah compliant. Islamic financing remains a theory.

When i say musharaka and Mudaraba , it means under musharaka and mudaraba mode and not mudaraba/musharaka companies.

Bank place funds in say overnight placement under mudaraba mode , become short term depositor for another islamic financial institution. ala haza al qayas

@kakaballi

In terms of substance of transactions for consumers, there is no difference between traditional banking and so called Islamic banking as has been implemented in Pakistan e.g. in both leasing and ijarah, rights and liabilities of parties are more or less the same.

Leasing and ijarah are different, risk of ownership is different , in ijarah if the asset is destroyed then the bank bears the loss.

@kakaballi

About definition of Riba, the Hadith you quoted is not accepted unanimously and considered weak in many traditions. Even the judgement you cited says the same. Also see page 7 of http://www.bilalassoc.com/upload/other/riba-hadithr.pdf .

I just quoted the shortest defination, link i provided had more indepth discussion on the issue. There are 2 types of RIBA, and hence 2 different criteria for them. difference of opinion among scholar is never to justify commercial interest or any sort of current mark ups. reading the link you provided. Inshallah will give feedback soon.