Fatwa #64827 August 2000Pakistan

What is the alternative solution of Riba?

Question

In Islam I know Riba is haram. Is there any Islamic banking system which can remove riba from our society?

Answer

There are many Islamic banks operating on Islamic rules and principles of
economics, for example, Murabahah (purchase and sell on profit), Shirkat
(partnership), etc. Alhamdulillah, they have been very successful and
admired by conventional banks.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

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#23597Is it permissible to use the point system given by the banks?

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