THE HARAAM RIBA ‘MUSHARAKA’ SHENANIGANS OF ALBARAKA BANK Question I would like to know more about how the concept of musharaka. How does it work? I have been dealing with Albaraka Bank. However, I no longer accept anything which Albaraka does. Allow me to explain to you their concept of musharaka. I have a property…
Tag: Islamic Banks
“Islamic Banks and Riba”
Question The Al-Baraka Islamic Bank charges a ’penalty’ on late payment of instalments. Is this not like the interest which non-Muslim banks charge when an instalment is not met on due date? Al-Baraka claims that Mufti Taqi Usmani of Karachi Darul Uloom, Pakistan has given the okay for this ’penalty’. Please comment. Answer The ‘penalty’…