Islamic banking courses on Murabaha (Part 1)

[AbdullahSeymour]

It is riba, no doubt about it. It is riba from beginning to end. There is absolutely nothing Islamic about banking. It is haram, the money is haram, the transactions are haram and the ulamah who underwrote it all are a disgrace.

The bank buying the car and selling it to you for 'profit', tell me, is that one transaction or two transactions?

[AbdullahSeymour]

And yet 'Ethical Institute' calls it halal. Shocking.

[AbdullahSeymour]

"The bank purchases an asset, e.g a car, and sells it to the customer for a profit". This is riba, as two transactions have been tied into one.

[TheOujdie]

@AbdullahSeymour no its not Riba my friend, its not an intresst ! one of the sahaba ( friends) of prophet went to the market and he asked the seller of some good ! how much is this ? the seller replied 10 Dinar or Dirhams. He said consider it as its sold. Then he went and looked for a buyer who was willing to pay 13 dh for it, he gave 10 to the first seller, good was delivered and he kept 3 for himself. Riba is interest rate where you borrow money to pay it back with more money

[TheOujdie]

@AbdullahSeymour with interests rate, the risk for clients to pay much more than what they have borrowed is very high. Islamic banking doesn't allow that, you can only exchange money for assets not for money ! Interest rate could rise every time you fail to pay back on time which make it difficult for poor people. while the profit of Islamic banking is FIXED. they sell you a car which cost 2000 for 2200. you agree on that and that's it

[TheOujdie]

@AbdullahSeymour you can do that too. buy something worth 10 USD, you sell it to me for 12 USD lets say. it kind of commer ( tijarah ). nothing wrong with that. you can sell it for less its up to you