Ameen to your prayers, and thank you for your thoughtful reply. The best thing you can do is to tell as many people as possible about what interest does. Unlike most people, you understand the “serfdom” of debt slavery that interest creates, and you stepped in to rescue your parents’ home instead of walking away. Nothing will change until enough people get fed up.

Not everyone is able (or willing) to do what you’re doing for your parents, so may God reward you for your heroic act. I think part of your reward, at least in this world’s life, will be when home values eventually come back in line with people’s debt burden. God willing, a day will come when that home will be the thing that YOU have established for future generations. Maybe by then, there will be more interest-free options available for home financing.

However my mother does get large amounts of interest on the money she deposits in the bank; i want to know if giving that money to some of our relatives who are under debt is accepted islamically.

And another question, quite remote from the topic is-I want to know please, if there are any provisons in Islamic company law where the rights of unsecured creditors are protected when a company liquidates?

Can you help me understand the basis of Islamic company law please? Do we have any concept of a separate legal identity of the members of the company and the company itself and subsequently from the separate legal identity do the members of an Islamic company enjoy limited liability?

I would be honoured if you answered those. thanks.

As salaam alaikum, Deema, and thank you for your thoughtful commentary. It was not at all beyond the scope of what I was trying to convey, but right on point.

While my belief is that Allah (swt) is the Best of Knowers of your honest intention to avoid interest, every dollar we as an Ummah keep in non-Islamic institutions, regardless of the type of account, is a dollar being loaned out at interest to someone else. I have no right to make anyone feel guilty for what they may have had no choice in doing.

All I’m trying to do is raise awareness that we have to start somewhere if we’re ever going to see a day when our local Islamic Bank is as close to home as our Masjid.

@ Abu Abdullah + Kelly: JazakAllah Khayr. I stopped working, I volunteer, I dont really need money, cause my dad supports me, i use cash though whenever i have to. But the thing is my dad stopped working in a bank when he found out that his earnings wont be halal through the riba money- all his life he worked in a bank- it was like a legacy y’know – his dad and then him and Allah subhanahu wa ta’ala saved us from it alhamdulilah.

Unfortunately my family uses banks. Its at least better than not working in one innit? I know, not having a bank account is hard when your supporting a family, like this circular flow of income is drenched in all riba riba riba -but honestly even if i am one day inshaAllah ta’ala- i wil not let riba come to me inshaAllah ta’ala. I trust Him and He will make a way out for me inshaAllah ta’ala. Riba is the worst thing on earth, im riba free alhamdulilah 🙂 lol

p.s im so glad there’s another part to this subhanAllah 🙂 gonna read that in abit inshaAllah ta’ala.

Of course, it is crucial to mention that prominent Islamic jurists deem it permissible to use this kind of interest-free banking through checking accounts, etc. But it is much more clear to me after reading your article, that this is only one opinion. Allah knows best.

I do apologize if this was beyond the scope of your argument, and if you were only referring to accounts involving interest. Either way, your article opened my mind to these issues which affect our lives everyday. Incontestably, it would be much better and more convenient to have more Islamic banks to turn to for savings accounts, loans, financing homes, etc. May Allah guide us as Muslims to initiate such banking systems and to support others in that enterprise. And may Allah reward you for your contribution to this important subject.

As-salaamu alaikum wa rahmatullahi wa barakatohu.