Job In Trade Finance Banking As Compared To Corporate Banking
Please refer to the videos of Ghamidi Sahab in the following thread : Discussion 82175 In the light of the current Banking Activities, Ghamidi Sahab does not consider working in a Bank in any capacity as outright “Haram”. It is discouraged according to him and a person may seek a better job if he wants to achieve more piety, but it is not Haram. __ 1 ) Deposits are mostly considered loan by conventional banks and payments are categorized as an Interest. Islamic banks however treat such deposits as financing/investment and profits are distributed accordingly. It must be kept in mind that payment of interest is not outright Haram, it is consumption/earning of interest which is Haram. 2 & 3 ) The same principle applies to the overdraft and revolving loans, they are considered loans in conventional banking and interest is charged on them. If a loan is issued, then a bank can only take late payment surcharge from the borrower ( like in a credit card ) but cannot charge interest. Otherwise, a bank should enter into a financing agreement, which should be principal secured and profit ratio determined on the basis of actual figures or on an estimated figure. This financing arrangement can be either short-term or a long-term, depending on the requirements of a company/client. Please also refer to the following comments of Ghamidi Sahab from 1:18:35 to 1:21:26 https://www.youtube.com/live/LUbg3QpPfRM?si=d0-0r_fh9sBiUXCu&t=4715