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Islamic Banking in Egypt?

Islamic Banking in Egypt? Topic: How to write amounts in thousands
May 24, 2019 / By Dympna
Question: I need a list of Banks in Egypt that provide Islamic banking solutions please. Full service including non-interest bearing accounts and Islamic investment solutions, and good internet banking platform. Have you tried them yourself? . Egyptian Girl: I am familiar with financial concepts so please explain to me what you wanted to say. On the other Hand, I know that some activities of some Islamic banks are not Sharia compliant, thats why I need a list of banks to research before I start anything. Edit: Thaks Zoser. Most of what you said is correct. However, we are advised to stay away from "Shobhat" as well. so, even if there is a "Shobha" it is much better to leave it. The other part about the thousands of projects you are talking about. I agree, but the bank gives a fixed interest rate not related to any profit they get from their project. Then why always the interest rate of Lending is higher than this of deposits? that is the bank profit. The other issue, is the kind of projects that the bank sponsors, whether it is a new Beer factory or a hotel in Las Vegas,..etc. I need to make sure that projects are pure of anything against Islam. It needs a lot of research to ensure that the bank really follow these rules, and I agree that many Banks that call themselves Islamic are not. Thanks for your help, it is very useful as usual. Edit 2: Zoser, yes understand this party very well. That is the rule of necessity. In my case it is not necessary, I can pick and chose the bank I want, I can chose the type of investment I want to subscribe to any time I want. In this case I am obliged to follow the Islamic rules, and promite Islamic compliant investments rather than just take the easy way. Allah gives us the money, wealth and power to test us and see how are we going to contribute to the society and world. So, if I have an Islamic choice and go for something I am not sure about then I have to prepare a good answer for Allah in the day of judgement. edit : Sorry it is "Part" not "Party" :):)
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Best Answers: Islamic Banking in Egypt?

Celandine Celandine | 2 days ago
Albertan Bank of Egypt, Cairo Egyptian Company for Business and Trade S.A.E Egyptian Saudi Finance Bank (Dallah Al Baraka), Cairo Gulf Company for Financial Investment Faisal Islamic Bank of Egypt, Cairo Islamic Bank International for Investment and Development, Cairo Islamic Investment and Development Co., Cairo National Bank for Development, Cairo The Arab gulf bank for Islamic banking Banque Misr for Islamic banking Now I believe all banks are the same Islamic or not Islamic, after all the so called Islamic banks deposit the large amount of their assets in American, European banks or the central Bank of Egypt,,, and they get Interest for that deposit,,, after all lots of religious scholars stated the interest from Banks is not Raba,,,and they have a theory for that if you want to know it ,, I can write it down to you,,, ---------- edit Dear I will explain why the interest is not considered Reba: when you lend someone money, with a contract , and you agree in a certain interest, lots say it is not Reba but (Shobaht Reba), as the borrower can refuse or accept,before doing the borrowing so you do not oblige him to do that,, and that is not different than selling goods with a raise in price if it is -(installment-wise,).., consider you are selling Gold to someone, You raise the price of the Gold if he does not buy immediately,,, Gold was the money long time ago.so what is the Reba in that??.. Now when it is Reba? when this person already borrowed the money and accept the raise in the price,(the interest) and then can not pay,,, in that case if we raise the interest (the price ) That is completely a Reba,,,the reason that Reba is a sin, is that we are using people problems , and they can not refuse as they already borrowed the money...that will lead to hate among people and maybe crimes.. Now, some other conditions for the Reba: 1) the borrower is weaker than the lender, in Case of the bank the lender (you) is weaker than the bank,, so you are not using the bank or twisting its arm 2)The bank is using your money in 1000's projects, and no way will lose,, and if so , it is granted by the central bank and lots of insurance policies (you are paying with others for them) so actually it is impossible that the bank will be in problems, as the central bank will pay your money instead,,,and actually lots of the money you deposit goes to the government in sort of treasury bonds,, 3) one important point, and that is also in common with the punishment of stealing money,, The Islamic punishment of stealing money from A PERSON IS COMPLETELY DIFFERENT than stealing from a bank (beat mal) as this is considered public money, and the punishment is less than stealing from a person, why>>> , because regarding the common money, The bank will not hate the thief, like a person if he is robbed, Now applying that also in the interest , we see that Bank interest is not a real Reba...and God knows better, to bad that I could explain that better in Arabic, I read a research about that like a book,, this is the conclusion of course --------------- edit2 Now about the source of the money,and where it comes from: if someone is working in a hotel as an example , where they serve alcohol, but say he is an Engineer in this hotel, Is his salary considered (haram) , NO, although part of his salary is from the profit of that Alcohol,there is a famous rule that , if a part of your salary (or profit ) is Halal, that will make all your money halal, if there is no intention by you to have Haram money,,, that can be apply also in the banking, you do not have intention to finance Haram projects, you leave that to the resposible,then even so , if the major profit is from a halal source,that will make all your money halal, if you do not have your self any relation with the haram projects... Leading life is notcomplicated ,, and Yasero wal to3asero,,
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Celandine Originally Answered: How is money and credit related to banking? What is the connection between money, credit and banking?
The main thing to understand is that banks create money via the issuance of credit. Usually when people think of a bank, they think that the bank takes your money as deposits and then simply lends it back out. That's actually not quite the case. Banks use your deposits as the basis upon which they are allowed to create new credit. It's hard for people to believe that things work like this but the reality is that if the bank has deposits of $1,000,000 then the bank is allowed to create money by issuing $10,000,000 in loans. The reason why banks want deposits is because, based on the criminal concept of fractional reserve banking, they can literally manufacture money out of thin air. This is how the central banks (which are basically just cartels of the commercial banks in each respective country) of the world work. It is a system that has come under much scrutiny and criticism of late and rightfully so. It's the reason why Henry Ford said this of banking: "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." The history of banking in the US is one of much controversy and acrimonious fighting between the likes of Andrew Jackson and the Bank of the US. Part of the reason is because, as Andrew Jackson observed, the central banking model that was being posited would have the net effect of concentrating wealth in the hands of a few bankers. You may do well to go to look up the Ludwig von Mises institute online and look at some of their really insightful books on money and banking. One such book is HOW PRIVATIZED BANKING REALLY WORKS. There are also videos online for which you may search. One is called "The Money Masters." The history and criticism over central banking and fractional reserve banking has too long been hidden from students such as you. There are powerful interests that would rather most people didn't understand these concepts. I hope you will research more and I hope that this has been somewhat helpful for you. Best, E

Annis Annis
There is nothing in normal banking violates the rules of Islam, Interest payments are NOT considered reba for reasons i can explain to you if you are faliliar with economic & business concepts, it's basically related to the concept of purchasing power & inflation. As for Islamic banking it's not different from Normal banking by any means, you can use it, if you are not convinced, so there are current accounts at every bank that pay no interest on its deposits
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Yahveh Yahveh
i once had an experience with FAISAL BANK . i discovered that the use our fear of riba . they deposit our savings in foreign banks abroad . they give us less interest every time . i felt tricked . you have 3 ways : 1- to get interest in any bank and keep it , for our great sheikhs say it isnt reba . 2- to get interest and give it away to the poor . 3-to open a current account that doesnt give you interest . you choose .
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Shelby Shelby
i think Hope would be more helpful with that,brother but i've been told there's no actual ''Islamic banking'' in Egypt..like it's supposed be done,the interest is not fixed,but it depends on certain things determined annually,at the end of each year...which grantee you riba-free money.. :) what most banks do is that they pay your zakat on your money every year....I'm not sure if they do anything else..
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Shelby Originally Answered: Help a kid out! banking questions?
You can probably open up a savings account at some banks, but you probably will need a parent with you. You won't be able to open a checking account and get a debit card without a parent on the account. Reason: Your debit card comes out of your checking account. OK, OK, you have a lump sum of cash.. for simplicity's sake, let's say it's $1,000. Ok so you are a very responsible kid and go to the mall once a week and use your debit card for $100 each time for 9 weeks. On the 10th week, you see a $700 Lambskin jacket you MUST have.. Your debit card gets declined. You fume out of that store, but see it in another store... you go in there and write a check for it. BOOM... you're overdrawn for $600 and NOBODY can come after YOU for the funds... that's why they want a parent in on the deal. I know.. not much help on getting you the bank you need, but you are gonna need a parent for a debit card or checking account. On the brighter side (for you, not anyone else), My son and I went to open up a checking account for him and to get a credit card. I emphatically told the lady I wanted the card to have a $200 limit so he couldn't get into too much trouble. He used the card, paid it off, used it the next month, paid it off and then they raised the limit to $500 because he was such a good payer!!! A 'lump sum' of cash is all relative. For a 14 year old, it could be a fortune at $300! If it was a million, the bank would probably make a few concessions, but still want a parent on the account till you're 18. Good Luck! GC

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