banking

Dear scholars, as-Salamu `alaykum. Many people nowadays are tackling the fatwa of the Islamic Research Academy in which respectful scholars legalize interest on money deposited in banks. They say that determining the percentage of interest is subject to special economic studies. That is to say, it is not fixed but fluctuates according to prices and so on. The percentage of interest, they claim, is also subject to the principle of public interests. But really, I’m not fully satisfied with this fatwa. So what is your opinion on this issue?

Asalaam-o-alaikum Dear Scholar, I have a couple of questions. My first question is, is the interest from a savings account with a bank, acceptable? I heard that considering that the bank is using our money and the interest to us is a very small portion of their profit, therefore it can be accepted, but I am still unsure. Secondly, i took a loan out of a few thousand pounds a few years ago. As well as having that debt and paying for the repayments every month, i also had some personal savings. I wasn’t aware of the fact that we could minus the debt before calculating the zakat. And from a last couple of years, when giving out zakat, I haven’t been deducting the debt when calculating my zakat and have been paying from both, my debt amount and savings amount. My question on this is, can I now deduct that extra amount I paid in my last zakat from my next? Thank you for your time and help.

Dear scholars, as-salamu `alaykum. I have a question on Banking stocks. Is it appropriate for a muslim to trade in Banking stocks? Based on the islamic perspective please guide me on this. Thank you. May Allah bless you all.

As-Salamu `alaykum. I work for a bank where I encode checks. I want to know whether my earnings are halal or haram?

Are Muslims allowed to take interest that banks pay on their money? As we know, banks in US pay interest, so what should Muslims do with the interest ea rned on the money they keep in these banks?

Assalam alaikum. May Allah bless you for this wonderful site, Ameen!While Islamic Banking is a vast topic, could you please explain Islamic rulings on PLS (profit and loss saving) accounts. Also many governments of Islamic countries around the world have what's in place called the national savings schemes for people/institutions belonging to various categories like widows, senior citizens, special citizens, educational and health institutions etc for their financial assistance. The modus operandi of such schemes is that saving certificates are available in various denominations on which pre-determined profit rates are given. It is apparently preached that the money thus obtained is not interest but the profit that the government shares with the investors after investing in government projects;however, many scholars do term it as interest as the profit rates are alread y fixed. I am confused, please explain the intricacies.Thanks