Dealing with banks and other financial institutions

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Last Updated on 16th July 2021

Huzooraa was asked about:..

2. various matters related to dealing with banks. 

Huzooraa, in a letter dated 14 January 2020, gave the following reply to these questions:..

2. “If interest is involved in the dealings with banks or financial institutions that are not state-owned, then that would not be lawful. However, if the dealings are based on profit and loss sharing then it would be allowed. 

“Similarly, additional profits gained through the money deposited in state-owned banks or financial institutions are also not considered interest because they invest their capital on philanthropic projects, as a result of which various schemes are devised for the benefit of the citizens of the country, the economy grows and employment opportunities are generated for the citizens. Therefore, the profits from such banks and financial institutions can be utilised for personal needs. There is no harm in that.”

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