Massallah pertaining to Riba

Question ID: 24085

Assalaamoalaikum honourable sir,
I live in Pakistan and have a few question regarding Riba linked with KIBOR (Karachi Interbank Offer Rate ), I suppose somewhat similar Rate with different name will be enforced in your country as well
Question No 1
Is Kibor Riba?
Question 2
All Islamic banks are using Kibor and are linked with Kibor in their transactions. Will Islamic banking services remain allowed / hallal (Riba Free) in Shariah?
Question 3
Are all Islamic banks under the central bank with regards to all monetary policies including Kibor?
Question 4
Under the prevailing environments, is there any alternative where Islamic banks can provide their banking services to customers without any linkage with kibor?

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Asked on July 7, 2011 11:49 pm
Private answer

Kindly check your local Ulema with the revelant documents that detail the workings of the Kibor system. Then rulings can be made.

Marked as spam
Answered on July 7, 2011 11:49 pm