Islamic Banking Briefly Explained by Dr. Zakir Naik

Islamic Banking Briefly Explained by Dr. Zakir Naik

Islamic banking or Islamic finance (Arabic: مصرفية إسلامية‎) or sharia-compliant finance is banking or financing activity that complies with sharia (Islamic law) and its practical application through the development of Islamic economics.

0:52 Financing Options in Islamic Banking:-

#Mudarabah (profit-sharing and loss-bearing),
#Wadiah (safekeeping),
#Musharaka (joint venture),
#Murabahah (cost-plus), and
#Ijara (leasing).

3:07 Qur'an Speak about Riba in Surah Al Baqarah Chapter # 2 Verse # 278-279
يَٰٓأَيُّهَا ٱلَّذِينَ ءَامَنُوا۟ ٱتَّقُوا۟ ٱللَّهَ وَذَرُوا۟ مَا بَقِىَ مِنَ ٱلرِّبَوٰٓا۟ إِن كُنتُم مُّؤْمِنِينَ
فَإِن لَّمْ تَفْعَلُوا۟ فَأْذَنُوا۟ بِحَرْبٍ مِّنَ ٱللَّهِ وَرَسُولِهِۦۖ وَإِن تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَٰلِكُمْ لَا تَظْلِمُونَ وَلَا تُظْلَمُونَ
O you who have believed, fear Allah and give up what remains [due to you] of interest if you should be believers.
And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged.

3:16 Involving in Riba is a major sin then involving Alcohol and Drugs.

3:51 Most of the Salary will be credited to Saving Bank Account, what to Do?
Open in Zero Balance Current Account with No Interest. The Reason the Bank encourages to open a savings bank account, to use the fund of the depositor for the multiple expansion of Credit.


What is Islamic banking?
#islamic_banking, #islamicbanking
Sharia’a - compliant banking provides and uses financial services and products that conform to Islamic religious practices and laws which, in particular, prohibit the payment and receipt of
interest. In practice, this means that instead of loans, Islamic banks use profit and loss sharing (PLS) arrangements, purchase and resale of goods and services, and the provision of services for fees.
These principles all form the basis of Sharia’a compliant contracts. In PLS modes, the rate of return on financial assets is not known or fixed prior to undertaking the transaction. In purchase / sale transactions, a mark-up is based on a benchmark rate of return, typically a return determined in international markets such as #LIBOR (London Interbank Offered Rate, an internationally recognized reference interest rate).


#DrZakirNaik, #Zakir #Naik #Dr_Zakir_Naik
#DrZakirNaikEnglish, #ZakirEnglish, #NaikEnglish, #Dr_Zakir_Naik_English,
#islamicbanking #islamic_banking #HSBC #Islamic_Finance #IslamicFinance