What is your opinion on establishing an Islamic bank?
Machine translationRead the Arabic original
The questioner : I know of Dr. Isa 'Abd al-'Abd, who works in Dubai.
The Shaykh : This is the Egyptian who passed away.
The questioner : He spoke once, and I heard him say: I established this bank and spent thirteen months working on the concept of an Islamic bank.
I established it in Dubai, and the bank succeeded. However, after he made his connections with others and with other banks, including international ones, it truly succeeded, and these banks dealt with it on an Islamic basis, not on a non-Islamic basis. Until I heard from him personally: the people there found that he had taken the whole picture.
That is, they did without him, and he came to Saudi Arabia and told this story. Then he had many opinions regarding the placement of donations and restricting them to the bank, and how to manage the work.
After he left them, he changed many things, but he said: I established the correct, proper method for the Islamic bank in Dubai, and they naturally changed it afterwards.
He said: I spent thirteen months on this, so what is your opinion of this situation?
The Shaykh : I have no knowledge of the Islamic Bank Association that Isa established; I have no knowledge of it. Furthermore, what concerns us is this painful reality, not what he provided for the first and the last. What is important is that the reality today operates with riba (usury or interest) transactions, proceeding under the guise of being an Islamic bank.
The Shaykh : This is the Egyptian who passed away.
The questioner : He spoke once, and I heard him say: I established this bank and spent thirteen months working on the concept of an Islamic bank.
I established it in Dubai, and the bank succeeded. However, after he made his connections with others and with other banks, including international ones, it truly succeeded, and these banks dealt with it on an Islamic basis, not on a non-Islamic basis. Until I heard from him personally: the people there found that he had taken the whole picture.
That is, they did without him, and he came to Saudi Arabia and told this story. Then he had many opinions regarding the placement of donations and restricting them to the bank, and how to manage the work.
After he left them, he changed many things, but he said: I established the correct, proper method for the Islamic bank in Dubai, and they naturally changed it afterwards.
He said: I spent thirteen months on this, so what is your opinion of this situation?
The Shaykh : I have no knowledge of the Islamic Bank Association that Isa established; I have no knowledge of it. Furthermore, what concerns us is this painful reality, not what he provided for the first and the last. What is important is that the reality today operates with riba (usury or interest) transactions, proceeding under the guise of being an Islamic bank.
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.