Question
Please comment on the Muraabahah article which I have sent to you. Are the muraabahah deals offered by Islamic banks halaal?
Answer
The article simply explains what Muraabahah is. But in practice the so-called 'Islamic' banks do not adhere to the conditions necessary for the validity of Muraabahah. Whilst they describe their sales as Muraabahah, these are nothing but haraam riba and faasid transactions. Hence, it is not permissible to deal with these riba banks who mislead and deceive people with Islamic terminology.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 22 No 07
- PDF page
- 2
Appears under Questions and Answers (approximate).