a) Is any service / facility availed from a Conventional Bank a non-shariah compliant service? Support your opinion with an example? 

b) A packet of PKR 10/- notes bundle having 100 notes is exchanged for PKR 1,100/- on spot. Under which category of Riba does this transaction fall? Justify your answer. 

c) Fayyaz and Omair enter into a barter transaction exchanging wheat and dates. It is mutually decided that Fayyaz would provide 10 kg of wheat (specified quality) to Omair today and will receive 5 kg of dates (specified quality) in a week's time. Is this a valid transaction? Why? 

d) How is using KIBOR in determining rental under ljarah in Islamic Banks justified from shariah point of view despite the fact that KIBOR is the rate used for interest-based financing? :

Answer rating: 100% (QA)

a Any service facility availed from a Conventional Bank that involves interest is a nonshariah ... View the full answer