Why is banking something Muslims are allowed to do?

Answers

Answer 1

Answer:

They can, as long as it does not imposed interest for loans.

Explanation:

Muslim teachings prohibited the followers to lend money with  a 'Riba'. Riba refers to any additional amount of money that is asked beyond the original amount loaned to other people. They considered this as unethical.

This is why Banks in Muslim countries usually implemented a sharia-compliant finance. These banks would not impose interest rates to the customers who ask for the loans.

They obtain their profit to a method that they refer to as 'Mudarabah'  or profit sharing. If the Bank loan a certain amount of money to a businesses, the bank inquire the business to share some part of the income that they generated from the loan.


Related Questions

Why did scientists have to come up with a way of measuring distance in space?

Answers

The second one......................

1.The scientists have to come up with a way of measuring distance in space because the distances in space were too large. Thus option (b) is correct.

2.Light Year is a measure of time.

False. It is a measure of distance. Thus option (b) is correct.

3. The distance that light can travel in a year is  light year. Thus option (b) is correct.

What is time?

Time is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future.

It is a component quantity of various measurements used to sequence events, to compare the duration of events or the intervals between them, and to quantify rates of change of quantities in material reality or in the conscious experience.

Time has long been an important subject of study in religion, philosophy, and science, but defining it in a manner applicable to all fields without circularity has consistently eluded scholars.

Learn more about time here:

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where were atomic bombs dropped during ww2

Answers

Answer:

Hirishoma and Nagasaki

Explanation:

form of government in which there
are regular elections, allowing
citizens to choose their own
leaders or become leaders
themselves; basic right of citizens
are protected by law.

Answers

Hello I need points this isn’t a answer

What is a major effect of scarcity in economic behavior? A.It decreases the amount of profit companies can make. B.It provides incentives for creating a command economy. C.It prevents people from getting what they want D.It increases the opportunity cost of economic decisions.

Answers

Answer:

c

Explanation:

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