1. I have a problem understanding how so called Islamic finance from a bank like FNB can be Halal. To me, logically, mathematically, and financially, the transaction that is branded as a trade, where they charge profit for buying a home, or a vehicle, is exactly the same as the transaction where they charge interest for lending money to buy a home or vehicle. There is zero risk for the bank to perform these transactions. They do not buy stock, or hold stock, and they never have to sell at a loss. Please clarify for me if it is halal or haraam.
2. As far as investing money in an Islamic fixed deposit account with FNB for example, where the return is always positive, there is really no risk for the investor, the return may fluctuate but really it doesn’t dip below the prime interest rate. Here again, this in my mind cannot be halal. Am I correct in my thinking?
3. As far as credit cards go, even if we use them without invoking any interest due, they are still not permissible, is this correct? Many people use credit cards without invoking debt, just to earn ebucks, or reward points and as a matter of convenience. Is this acceptable?
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Question ID: 19230