The validity of a transaction does not depend on the end
result but rather the process and activities executed and the sequence thereof
in reaching the end. If a transaction is done according to the rules of Islamic
Shariah it is halal even if the end result of the product may look similar to
conventional banking product.
For example a normal McDonalds burger in USA and Pakistan may look
similar, smell similar and taste similar but the former is haram and the later
is halal due to its compliance of Islamic guidelines of slaughtering animals.
Similarly, if a person is feeling hungry, he may steal a piece of
bread and eat or alternatively buy a piece of bread to eat. The apparent end
result would be same but one is permissible in Shariah and the other is not
allowed.
The same is also true for Islamic and conventional banking. Therefore,
it can be concluded that it is the underlying transaction that makes something
“Halal” (allowed) or “Haram” (prohibited) and not the result itself.
Apparently, Islamic banks may look similar to conventional banks, however the
contracts and product structures used by Islamic banks are quite different from
that of the conventional bank. In the verse 2:275 of the Holy Quran, Allah the
Almighty has responded to the apparent similarity between trade and interest by
resolutely informing that he has permitted trade and prohibited Riba (though
they may look similar to someone).
Good
ReplyDeleteGood
ReplyDelete