Are Muslims meant to have bank accounts?

Question

When I was doing religious education at secondary school, my R.E teacher said that Muslims weren't supposed to have bank accounts because it went against the Qu'ran and all that. But an Islamic bank has just opened on my high street, so I was just wondering if it was optional or if different sectors of Islam can have bank accounts?

Oh, and what's the official way fo spelling the Qu'ran (I was taught to spell it like that, but I've seen it spelt as Kuran as well).
Thanks in advance. :-)

K Assiri - I'm not in any way demeaning Muslims or saying they're terrorists. FYI I was actually seriously interested because I needed clarification on this.

Answer 1

yes, but with out interest because it is money they have not worked for

Answer 2

Conventional Bank Accounts fall into two main categories:

Saving Account:
Here you keep your money in the bank (for safety reasons) as well as earn a fixed interest rate on it.
Checking Account:
This normally doesn't have interest paid by the bank.

Lately, the distinction between the two have blurred somewhat, since many banks started to give interest on Checking Accounts as well! In many cases, the interest is compulsory, and even if you ask the bank to not give you interest, they will still give it to you.

Faced with this, what is a Muslim to do? At present, the best strategy is to take the interest and give it away to charitable causes n not use it on urself and family

Yes u spelled the Quran rite! tht is the official way

Answer 3

Entities that do not allow interest accrual by its members would still accrue interest on the holdings for itself.

Discrimination and repression, even from within one's own religion, is all about control. Remember "Traditions" are begun with a frozen moment in time. Islam can be "updated" the same as any religion and as any religion, its works are subject to interpretation by its followers.

As for spellings, most people use the spellings interchangeable.There are different versions of the Qu'ran. Some sects of Islam use numerology, and if numerology is used then the interpretation must come from the same version, and not mixed and matched between the versions.

Answer 4

What is Islamic Finance?


The basis for all Islamic finance lies in the principles of the Sharia'a, or Islamic Law, which is taken from the Qur'an and from the example of Prophet Muhammad (peace be upon him). The Islamic form of finance is as old as the religion of Islam itself.

Central to Islamic finance is the fact that money itself has no intrinsic value. As a matter of faith, a Muslim cannot lend money to, or receive money from someone and expect to benefit – interest (known as riba) is not allowed. To make money from money is forbidden – wealth can only be generated through legitimate trade and investment in assets. Money must be used in a productive way.

The principal means of Islamic finance are based on trading – it is essential that risk be involved in any trading activity. Any gains relating to the trading are shared between the person providing the capital and the person providing the expertise.

Islamic Bank of Britain is a stand-alone bank. We are not part of a larger conventional group that combines Sharia’a banking and conventional banking.

Answer 5

Muslims can have bank accounts, it's the interest that is the issue. They can not receive or pay interest.

However scholars have given a fatwa (opinion) that if you live in the UK and you have to take a mortgage then it is fine. But Now with companies like LloydsTSB offering Islamic Banking this is less of an issue.

And most people spell it Quran.

Answer 6

That's probably because Islam doesn't allow interest. But bank's interested is required for the workers there to get some money and for all the process and such.

Any questions?

Answer 7

Muslims can have bank accounts, but only with banks that are within the code of ethics.

Some scholars argue against all banks. Not just Muslim.

Technically Christians are not ment to have bank accounts or loans because interest and money lending is against the teachings of Jesus.

Answer 8

we supposed not to deal with banks that offer interests for the client and that we call it reba (usury) which this is forbidden in Islam .
so as there is banks do not offer the interests(called an Islamic bank) we can open accounts as much as we want .

hope that clear now ^_^

Answer 9

Yes we can have bank accounts without intrest because intrest is haraam in Islam. And Qur'an is spelled this way.

Answer 10

islamic bank system ---no intrest------but u get share of the profit---so if the bank made 30% you also get 30% or 17 u get 17 as long its not fixed rate---

i bet any thing if islamic bank opened here ---u will find all americans deposit there to get hiegh profit insted of the 4.5% fixed rate

Answer 11

I imagine they do so because they have to. Storing a large sum of money in your house and letting everyone know you have it is just plain asking someone to come and rob you. What if your house burns down? Then you are wiped out.