Muslims are the second largest community in Britain, after the Christian people. About 2-3.5 million Muslim people are living there. According to Islam, taking interest from any kind of loans or financial investment is Haram (Forbidden). In this modern world, financial companies, banks and share businesses everything is running on this particular interest system. Then what will the pious Muslims do? They also need to buy a home? Or a car? They must be wanting to secure their money in a bank, right? Is there any scope to avoid interest while investing money? Let’s have a look.
Buying a share: This field is a bit of clumsy one. A Muslim can buy a share and take a dividend, except from those industries which are not Halal. Buying a share which is incoming from typical financial procedures with interest including insurance company, or a tobacco, gambling, company of weapon & ammunition and even pig business are completely prohibited. It is too much tougher for a small investor to choose out and make some profit from business shares. Moreover, only one fund is now standing in the UK providing advice services to people of which shares to buy according to Shariah. Don’t you think it is damn insufficient for a huge amount of Muslim people living there?
Banking: Bank is always defined as higher interest on savings and lower interest on loans. This is the point that makes a huge number of Muslim people stay away from banks. Some are investing in their family or friends’ businesses, others who can’t avoid opening an account, giving all the money earned from interest to charities. Also, hopeless!
Credit Card Holders: Credit card has become the most essential one, like a mobile phone nowadays. It enhances security, and online shopping is completely run on credit cards. Credit card providers completely depend on doing business from the interest clients pay for transactions. Yes, still there is a chance of using this, while not paying any interest by clearing all balances every month, in due time.
Taking Insurance: It is clearly forbidden in the Islamic Shariah to buy insurance. People in the UK who want to buy a property, house, car, are bound to make insurance of those. That is why, thousands of Muslims are not buying those kinds of properties. Is this a solution? Everyone has the right to buy, no? Now scholars are trying to find out the solution of it.
In case of Pensions: The point here is that no pensions are completely approved and managed by Shariah, at least in the UK. Still if someone needs to bring out an ethical one, they should be so much careful to remain in between acceptable products.
So now, in this overall condition, what will Britain’s Muslims do? Some are deprived of all facilities. Others are trying from here and there to manage somehow with the Shariah law and the real life, thus crossing large difficulties in this way. In all parts of the UK, there is no mortgage company or financial organization who is giving service close to Shariah law. Though the Government is now shedding light on this issue. The Working Muslim Fiance party proposed for reorganization of the mortgage system of the UK to the treasury financial secretary, Ruth Kelly. We just have to pray for progress in this system, modification and an easy life for Muslims there.
View the Original article
0 comments:
Post a Comment