How to behave within western finantial system (banks, insurance...)

[TiLK]

Hello.

As you may know, sharia prohibits riba and one if its examples are interests that are providid by majority of nonislamic banks. In many countries there is no bank that offers account without interest. the same applies about saving accounts, life insurances and different other products of finantial market. Apart of it there are investing products where you can put your money and the company makes them grow by investing then.

Do you know about any complex guide about how muslim should behave in western finantial system? Which banks/insurances/savings he can use without commiting harram and whan he should do in general with his money, when he is living in country that absent islamic finantial institutions.

Thanks

 

[muslimda3ee]

:salam2:

I live USA,

I have no interest checking account, in return they don't charge fees.

or pay cash

should be no problem

checking account = savings account

there are also many islamic mutual funds that invest in non interest accounts.

lastly, my checking account gives me a card, that has mastercard logo, so I use it to purchase and there is no cost in doing so.

it's funny, a friend of mine went to buy a house, in at closing he came in with cash. The closing agents, said, you can't do that, so he said I will leave then, immediately, they accepted it. He just had to sign a paper to the IRS that he paid large sum of cash.

 

[slaveofAllah88]

aslam o alikum
nice answer brother Muslimda3ee , u can put money in the chequing account and there is no interest on that like the brother before me gave awesom advices

 

[TiLK]

I had been thinking now... Is the mortgage taken from western bank haram? It includes interest - riba, but it is the bank who profits from this riba, not me. So the transaction that includes riba haram in any case, or just if its me who profits of the interest?

muslimda3ee: For instance, can you take a mortgage for your house?