ভূমিকা

Shiavault - a Vault of Shia Islamic Books Islamic Laws of Ayatullah Khui Current Issues Banking And Exchange From the viewpoint of capital the banks in Islamic countries can be of three kinds: (i) National bank, whose capital is owned by one or more persons. (ii) Government bank, which is purely financed by the State. (iii) Company bank. which is financed by the government and public. 2856.

It is not permissible to take loan from such a bank on payment of interest, and it is also unlawful to accept profit from it.

However, in order to avoid such an unlawful transaction the borrower will either: (i) Purchase something from the owner of the bank, or his agent, at a rate say 10% or 20% higher than the market rate, so that the bank may give him some money by way of loan (ii) or he may sell something to the bank at a price lower than the market rate subject to the condition that the bank will advance him a certain amount of money by way of loan, repayable by a stipulated date.

In that event it is permissible to obtain the loan and it does not also amount to usury. Similarly a gift may be given subject to the condition that one who fives the gift will be advanced a certain amount of money by way of loan, repayable on a particular date. However, a transaction does not cease to be unlawful if something is added to a certain amount of money and it is then sold for a larger amount of money.

For example it is not lawful to sell a sum of $ 100 together with a match box with the condition that a sum of $ 100 will be payable in lieu thereof after the expiry of one month, because in fact it is an interest bearing loan although apparently it has been given the name of business transaction. 2857. It is unlawful to deposit money in a bank (in the savings bank account or current account) with a view to earn interest.

However there is no harm in depositing the money if there is no stipulation for the payment of interest. 2858. If some property is taken from a government bank it is not lawful to utilize it without the permission of the mujtahid (Jurist) or his representative. 2859. It is also unlawful to obtain loan from a government bank on payment of interest whether or not it is obtained by mortgaging some property.