Answering all your queries on Islamic banking and Finance in the light of Quran and Hadith  
line decor
line decor

Assalam alaikum!

The purpose of this website is to bring to light the noble economic system of Islam. The world wakes up every morning from its slumber and slowly ushers itself into the hustle and bustle, the din and noise till it goes to sleep again to wake up afresh the next morning. Looking carefully into the activities going around the world from dawn to dusk we find that it is all for money, for earning livelihood in whatever form they may be. Economic activities are the most dominant of all activities being performed on earth. When economics is such an important aspect of human life then how can Islam, the most updated and profound of all systems, keep itself away from it? In the world dominated by western materialistic thought economic theories are formulated to benefit only ‘the chosen ones’ while the rest of the world languishes in misery. The interest based economy is one result of such thought. The ‘false necessity’ of interest has so much been exaggerated and blown out of proportion that common people find it impossible to accept that an economic system free of interest can ever be imagined of. Everyone seems to condemn the usurious Shylock in Shakespeare’s Merchant of Venice, but they accept the modern concept of interest whole heartedly. This attitude is because their minds have been poisoned with false notions like- interest charged is just the value of money against time, there is no cruelty intended in modern interest, can you imagine an economy without interest?, if no interest then what?, interest is a reward for your savings, without interest the whole economic system would collapse…… and many others!  Poor beings fail to realize what harm has ‘interest based economy’ done to them, their cities and nations. Millions deposit their money in saving accounts, but only few rich ones get hefty loans (from those deposits) to invest in business and earn profit using others money. The poor depositors get nothing from the profit but only a fixed 4-5% of their deposited sum. With prices of essentials rising daily the 4-5% that is given, as an incentive for saving, hardly matters. This is one face of the cruel ‘interest based system’; there exists many more. Islam gives the best form of economic system which is based on justice, benevolence and piety. It is indeed the solutions for economic problems of man.

The main aim of this website is to let people know more about Islamic economic system. Readers are requested to ponder deeply and know for themselves how great it would be to have the present economic system replaced by the Islamic economic system.
The law of Allah is destined to supersede over all! The sooner we realize the better!

Faisal Sultan.
Email us at: kibfeedback@gmail.com, feedback@knowislamicbanking.com.