Fifty years ago, Islamic banking and finance were virtually unheard of. Today, the industry is on the verge of reaching $5 trillion in assets by 2025, a remarkable feat for a sector that began as a response to the financial needs of Muslims seeking services aligned with Islamic Shari’ah and principles. Despite being relatively small…
The doctrinal position on Riba (translated as interest) is well-known among Muslims, clearly outlined in the Quran and Hadith. However, it is essential to discuss its application in two distinct contexts: 1. The era of the Prophet and the society of Madinah. 2. Today’s monetized economy. In the 7th century AD, lending and borrowing were…
We, the members of the Islamic center of Greater Toledo, OH took a 3 million dollar bank loan for the initial construction of the mosque in 1981 and also 2.5 million dollars for later expansion of the center contrary to the Muslim mindset against taking and paying bank interest. I have taken a mortgage for…
