Fatwa on banking
The ultimate result of this deviationist view of Riba is the justification of banking. Their premises are that ‘banking without interest’ is Halal. In fact, although Islamic Banking defines itself as non-interest banking, it actually charges interest, only with a different name. They call it profit, sometimes dividends, sometimes mark-up through various deceptive schemes. But apart from those deceptive methods of hiding interest, the main problem remains that the Islamic Bank IS a bank.
Islamic Banks, like all banks, practice ‘fractional reserve banking’. Fractional reserve banking is the essence of fiat money. Through this method they use and create fiat money and consequently they endorse the current system of paper money.
Pdf of the fatwa on banking by Scholar Umar Ibrahim Vadillo
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• Debt, Deferred Payment...
Islamic banking Sheik Imran Hosein
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