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Is Islamic banking really Islamic?

The problem arises when the Islamic banking system is only considered to be a change of name.

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Question added by Adil Abdulsalam Ashhoob Abdulsalam , Lecturer – Faculty of Economics & Accountancy , Sebha University
Date Posted: 2016/05/23

So for not up to the mark if we talk about the Islamic banking because Islam not allowed the Interest rate(Rbia) but So for Islamic banking really not free from Rbia and other forms of rbia.

Iqbal Karim
by Iqbal Karim , Manager - Accounts & Finance , SS Solutions Pvt. Ltd. (A Concern of Impress Group)

Islamic Banking is about profit sharing and partnership. All Islamic Banking products are necessarily based on the Sharee’ah or are Sharee’ah compliant. The former means that there are evidences from the Quran and the Sunnah for the legitimacy of those products. The latter are products derived from other rulings or products that do not oppose the Sharee’ah in any way. While discussing the products in Islamic Finance, jurisprudence is taken into consideration as well. Thus we can say that, Islamic banking is really Islamic.

yes, because it is based on the islamic principles.

Adji Ndao
by Adji Ndao , Risk Manager , Tamweel Africa Holding

Yes if principles are respected and right products validated by a Shariah Committee used

Abduboriy Karimov
by Abduboriy Karimov , Intern, Assistant Manager , Grand Art Ceramics

Islamics banks create their products based on disciplines that scholars approve. However, in some minor nuances, points of scholars may conflict. Thus, a group of people find certain financial products acceptable while others consider it as equivalent of conventional financial products.

Above all, in order not to misunderstand islamic financial products one must understand shariah principals in core, which is highly unlikely.

Those who blame on scholars, are judging too subjectively I believe.

Conventional banks with windows providing islamic finacial product is 100% out of topic.

Muhammad Dawood
by Muhammad Dawood , Teacher , ihadi

Still we have not full fleged Islamic banks except some of them, are practicing in some products fully Islamic products. Those all products which are commodity based, such that, Ijara, Mudaraba, Musharakah etc 

YELLES CHAOUCHE Nour Mohamed
by YELLES CHAOUCHE Nour Mohamed , Directeur Des Opérations , Sarl Sygma Pharm

many banks called islamic are not, they usualy use same process as classic banks

Ehab Mohamed
by Ehab Mohamed , Sineor Accountant , Investment Dar Company

The islamic bank is an islamic bank and there is big difference between it and regular bank. The islamic one buy befor sale the regular sale before buy. With islamic bank the liability not changing even if you late 100 years but the regular bank if you late one day they will charge you.

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