Comments on: Islamic Finance – A False Dawn http://myummah.co.za/site/2009/11/17/islamic-finance-a-false-dawn/ Islamic content, for the Ummah by the Ummah Sat, 16 Apr 2011 16:21:07 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: H.Ismail http://myummah.co.za/site/2009/11/17/islamic-finance-a-false-dawn/comment-page-1/#comment-1629 H.Ismail Sat, 12 Dec 2009 04:16:02 +0000 http://myummah.co.za/site/2009/11/17/islamic-finance-a-false-dawn/#comment-1629 As an Economics student, I honestly fail to see anything Islamic and unconventional behind Murabaha and Ijara. It appears to be the same as in case of interest-based transactions, nothing different seems to be happening. Moreover, it seems to be contradicting the Hadith "there cannot be two transactions in one", although I am not a scholar on Islam and cannot say for sure if this hadith applies here. But I have heard that Muslim scholars define usury/interest based loan as any loan on which any gain is made. http://www.islamic-finance.com/item100_f.htm As an Economics student, I honestly fail to see anything Islamic and unconventional behind Murabaha and Ijara. It appears to be the same as in case of interest-based transactions, nothing different seems to be happening.
Moreover, it seems to be contradicting the Hadith “there cannot be two transactions in one”, although I am not a scholar on Islam and cannot say for sure if this hadith applies here. But I have heard that Muslim scholars define usury/interest based loan as any loan on which any gain is made.
http://www.islamic-finance.com/item100_f.htm

]]> By: AADILL http://myummah.co.za/site/2009/11/17/islamic-finance-a-false-dawn/comment-page-1/#comment-1606 AADILL Tue, 17 Nov 2009 14:47:51 +0000 http://myummah.co.za/site/2009/11/17/islamic-finance-a-false-dawn/#comment-1606 Islamic finance........in the case of Murabaha......is it permissable or is it a dressed up riba interaction as in the finance offered by wesbank islamic vehicle finance or Al Baraka Bank. Please advise Islamic finance……..in the case of Murabaha……is it permissable or is it a dressed up riba interaction as in the finance offered by wesbank islamic vehicle finance or Al Baraka Bank.

Please advise

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