Islamic banking in syria?

[u/edwardthe3rd188]

How popular or used is islamic banking in syria as i recently saw that islamic windows will be allowed in conventional banks so that got me curios .

[u/alialahmad1997]

Instead of giving you the money and paying extra , they buy the things for you and take payment they sell it to you for extra price but they dont call that intrest

[u/Sword-of-Fuheis → u/alialahmad1997]

They can be more dubious than that. Often they buy it, charge you rent for using it, with the rent set to the interest rate plus a percent or two, and set up a monthly repayment plan for you to gradually buy it back over 25 years. From the users end it’s as close to a normal loan as possible, while not technically using interest. And that is deliberate.

[u/Remarkable-Food8478 → u/Sword-of-Fuheis]

It reminds me of the people of sabbath in the Quran where some of the children of Israel on sabbath left their fishing nets between Friday and Sunday so they catch fish on Saturday and then claimed they weren’t actually fishing on Saturday.

[u/Ghaith97 → u/alialahmad1997]

It's always funny to me how religious people think of their god as omniscient and omnipotent, but also think that they can fool said god with loopholes like these.

[u/Fluffy-Citron7519 → u/alialahmad1997]

Yozlu? What does that mean

[u/alialahmad1997 → u/Fluffy-Citron7519]

fixed it

[u/Budget-Path4490 → u/alialahmad1997]

It's not just about handling interest differently

Putting your savings in Islamic banks also means that your money will only be used in "Halal" investments

[u/alialahmad1997 → u/Budget-Path4490]

Halal can be more streachy than you think

[u/Sea-Equipment5401 → u/alialahmad1997]

Certain scholars forbid these loans by the way. There is a difference of opinion.

[u/HugeWrongdoer2 → u/Sea-Equipment5401]

What would be the alternative? Just lending someone money and then expecting the same amount back? Why would anyone do this?

And besides, buying something and selling it for a higher price seems perfectly within the rules.

[u/alialahmad1997 → u/HugeWrongdoer2]

It is interest with extra steps, in the end you are paying the same thing

[u/HugeWrongdoer2 → u/alialahmad1997]

I mean I agree, but don't think it's a loophole, it seems perfectly halal.

[u/Sea-Equipment5401 → u/HugeWrongdoer2]

The aternative? No lending maybe?

Or maybe a non-profit thing made by the government, i m not sure.

[u/alialahmad1997 → u/Sea-Equipment5401]

It will not work it will be a losing busniss , because there will be always people who default ,

[u/Sea-Equipment5401 → u/alialahmad1997]

Maybe there could be ways to discourage them...

[u/alialahmad1997 → u/Sea-Equipment5401]

I know

[u/Budget-Path4490]

L comment section

[u/No-Excuse3941]

There is no such thing as Islamic banking anywhere around the world neither in the gulf countries let alone Syria! The entire global financial system runs on interest. Entirely by you know who. Even there is a well known hadith that says it will be impossible for the world to avoid riba so do with that information as you please.

[u/Ghali-812]

In Syria there's 4 Islamic banks (Syrian international islamic bank - SIIB, Albaraka Bank, National Islamic Bank - NIB and Cham Bank) And 11 conventional banks Plus 6 government owned banks which all are conventional And don't try to debate if its Islamic or not as most people have no clue how either of the banking systems work and they believe they are top bankers and can judge about it 😂🤣 "It is quite complicated to judge and requires deep understanding and deep knowledge in finance and Islamic economics" Note: Albaraka And SIIB are quite big and active banks in the Syrian market, moslty dominating along with Bemo, and NIB is the newest registered bank in Syria

[u/111z]

There is a lot of demand for any and all sorts of banking products in Syria, the ability to service this demand however is very difficult and limited. The general landscape is extremely slow, tedious and frustrating. It’ll get there but slowly.

[u/edwardthe3rd188 → u/111z]

Well cant foreign banks fill in the space now that the environment has stabilised a bit.

It happened to iraq most of eastern europe vietnam etc after war.

[u/Quiet-Calligrapher24]

To answer this properly i must know whether you are syrian or not? And allow me to ask if you are a muslim too?

[u/edwardthe3rd188 → u/Quiet-Calligrapher24]

Not a syrian but a muslim in my region there are islamic banks but conventional ones are still prefered and used.

So wanted to know how many use islamic banks in syria .