Islamic banks

Q: I live in UAE and is it possible to get a loan from an Islamic bank. What is the difference between Islamic banking and conventional banking because both are offering same kind of products.

A: By changing words the product does not become halaal. If you are forwarding cash and taking an additional amount on repayment then this is interest, whether it is done through a conventional bank or any other bank.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)