Islamic Banking

Question ID: 26056

Asalaamu Alaikum Mufti,

Please assist me with a question relating to finances, my friends and i often have discussions on Islamic banking, with your knowledge and expertise please advise me whether this is permissible, they often refer to ‘profit share’ as their profits made, to me i see this the same as interest as it is money gained or lost in lieu of nothing tangible, i would really appreciate clarity on this matter, i know that Allah knows best and that if there is doubt then not to indulge, i ask to hear your opinion and gain your insight regarding this matter.

If you could reply on my email it would highly appreciated.

Keep well and may Allah grant you Janaat Al Firdaus for your efforts to ensure that the Muslim Ummah are kept well knowledged…


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Asked on March 3, 2009 12:00 am
Private answer
Your question needs more clarification by way of example. Nevertheless, if 2 people buy an item, then one goes to sell it, they can agree 60/40 on the profit made. There is no harm.
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Answered on March 3, 2009 12:00 am