[I]for my knowledge would someone please enlighten me what is ISLAMIC BANKING, to my aging knowledge, the quran I have read with tarjuma & tafseer, and according to history i have read, SOUD is open war with Mohammed (PBUH) & ALLAH (SWT) - in no way there is any mention of banking or a system of leasing in quran or hadith - BAITULMAAL & QARZ-Ay-Hasna is explained widely in Hadith.
since after 1472 AD approx 857 HIJRA the Yahodi mode of lending money or material was systemized and shaped to basic banking which has devised several shapes over past 620 years. - The JEWS overwhelmed by the welfare benefits of baitul-maal & zakat put-in day & night to divert the Islamic world, chased the Ulema and 600 years later came a term Islamic Banking, shariah complaint etc etc - which does not comply with the quran & haidth - Interest (SOUD) is haram be it in any shape form or style - HARAM is HARAM. - no bank in world is willing to share any loss with account holder but yes they will strip you of dignity & self-respect if any installment is delayed by 48 hours. - Then again they take a SERVICE charge on delayed period. - - for safety & security it is RIGHT to keep a current account at bank, & keep a credit card for travel purposes but the moment card-holder start to pay the 'amount spent' in installments it becomes haram -
the annual lease %age be it Islamic or conventional is approx 38% per annum on principal - delays & surcharge amount is in addtion to that [/I]