Studying Islam

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[quote][quote]
now that the topic has come up, what about the banking system? Allah forbid, but apparently the, it seems as if all Pakistanis who have interests involved in banks are earning haraam money?   
may this system also change to Islamic one. Aameen[/quote]

<p align=justify>The question of 'co-operation' does not/should not arise in cases where the concerned people have no choice but to comply with the system in vogue. In present times, individuals as well as businesses have no alternative to the banking system as a secure means of transactions; they are compelled, under relevant legislations (Income Tax Ordinance etc), to transact business through banking channels. Moreover, as long as usual transactions are concerned, there is nothing wrong with the system in question.

<p align=justify>As for the PLS account, we need to know the stance of the banks in this regard. They maintain that it is actually sharing in the profit and loss of their business. Since this spirit is not against the principles of Islam, we cannot object to this arrangement. However, it is still preferable not to be involved in this kind of arrangment because the income accruing to the bank consists of both services charges and interest on the amounts lent.[/quote]

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