Volume 6, Issue 4, August 2020, Page: 83-89
An Analytical Study to Determine Whether All of the Services of Conventional Banking Permissible or Forbidden in Islam
Mohammad Tanvir Islam, Capital Law Chamber, Dhaka, Bangladesh
Muhammad Shafiuddin, Centre for Higher Studies and Research, Bangladesh University of Professionals, Dhaka, Bangladesh
Received: Jun. 22, 2020;       Accepted: Jul. 20, 2020;       Published: Sep. 10, 2020
DOI: 10.11648/j.ijfbr.20200604.14      View  154      Downloads  87
Abstract
This Study shows the misconception of innocent Muslims on about “Are the service of conventional banking fully Haraam for the Muslim? This study is conducted the widespread misconception in innocent Muslim minds that everything associated with banking within the conventional system is prohibited in Islam. This probably stems from a lack of understanding and genuine desire of common Muslims to stay away from even remotely prohibitive income. Since this assumption of blanket prohibition is erroneous. In fact, there are clear guidelines in Islamic law and Islamic Sharia law [1]. This paper analyzes which services, functions and products have been Prohibited by Islamic law and Shariah and which services, functions and products have been allowed to be accepted subject to certain condition, There are many permissible (halal) functions that conventional banking institutions perform and make substantial profits from. In my view, Muslims may engage in such functions in the form of customers, employees, investors or advisers and if you have no direct involvement in any riba transaction, then it's fine to work there.
Keywords
Halal & Non-Halal Product, Service and Faction, Qualitative Techniques
To cite this article
Mohammad Tanvir Islam, Muhammad Shafiuddin, An Analytical Study to Determine Whether All of the Services of Conventional Banking Permissible or Forbidden in Islam, International Journal of Finance and Banking Research. Vol. 6, No. 4, 2020, pp. 83-89. doi: 10.11648/j.ijfbr.20200604.14
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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