Is not the Service Charges of Islamic Bank also Interest? — Dr Zakir Naik

Is not the Service Charges of Islamic Bank also Interest? — Dr Zakir Naik

SKLIQA-14

Questioner: Assalamu Alaikum. My name is Fahad, I work as a computer programmer…. my question is related to Islamic banking. What is meant when certain Islamic bank says that they’re gonna offer a loan and X% APR, is that not interest, is that not interest?

Dr. Zakir Naik: Brother asked a question that, he wants to know about Islamic banking, Islamic Bank offers loan and they add a X%, they call it service charge, whatever it is, is it not interest? See basically interest is haraam in Islam there are no less than 8 different places in Allah says interest is Haraam. Allah clearly says in

Surah Baqarah ch. no. 2 verse no. 278 to 279 that

“If you give up not your demands for interest take a notice of a war from Allah and His Rasool”

So interest is Haraam. Now as far as Islamic Banking is concerned as you mentioned many Islamic Banks which give loan, point to be noted that most of the Islamic banks that are there, I don’t know of any Islamic bank which is 100% Islamic. I don’t know, may be, I don’t know.

In fact one of my interest is Islamic Banking but there are many which are MashaAllah quite a lot Islamic. There are many which are frauds also, fine, only namesake Islamic. What we have to note that we as layman if we can check up, check up, if you analyze there is Islamic system of Musharika, profit and loss sharing which is the best, safest. Musharika means you become a partner in it. Now other aspects are there, Mudariba is there i.e. cost plus. In cost plus many a times people falter and many a times its nothing but catching the nose long cut, you know. Aisa nose pakadne ka. You say it is nothing but trying to make a gimmick so we have to analyze and many Fatwas are given on this is allowed, that is allowed which many, which I don’t agree with also.

So when an Islamic bank comes we have to scrutinize, who is on the Shariah board, just by name please don’t go that’s not important what they do etc. so many of the Islamic banks, I wouldn’t call then Islamic, there may be a very small percentage Islamic. Now in the Islamic bank most of them do Mudariba, in Mudariba there is a problem, cost plus which comes. Sometimes it’s possible, Ijara is there i.e. higher purchaces is there which is Islamic; Musharika is safe, safe means if they are following Islamic principals haan… In other parts we have to check up and what we analyze that most of the banks, they falter and because they compete with the normal conventional bank, they keep the same interest, only name is different. Naam ka farak hai, label is different but it’s the same. So we have to be` careful while taking loan but as a layman. If suppose you think it is Islamic and you take it and if they are doing something wrong out of ignorance you have gone so the blame will come on them, not on you. if you know they are haraam and then you go then the blame will come on you. So it is the owners of the people running Islamic banks to check up whether they are following… What happens there are many fatwas in this and Fatwa shopping is very easy. You know what Fatwa you want, you’ll get. So they go and whether in Egypt or Pakistan or India so they take Fatwa which is convenient for them and then they sanction it. So you have to be careful while Islamic banking is there, not that its not possible… possible, very difficult. There are some banks I know which are MashaAllah good …

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