Conventional bank accounts are considered a taboo under Sharia Law, which prohibits Muslims from both receiving interest on deposits and paying interest on overdrafts and loans. But as there are currently no Islamic banks in Russia, Muslims in the country have been left with few alternatives.
The new Islamic debit card promises customers that any interest earned on their accounts will be donated to charitable causes, such as maternity wards for local hospitals. The terms of the card were decided by the bank in cooperation with the Spiritual Council of Muslims in Dagestan, which also helped with the card design to insure its appearance would conform to Islamic law, such as avoiding visual depictions of living beings. >>>>>
I’m not convinced that these follow the rules of Islam. The charities receiving the donations are still receiving interest; essentially making them complicit in the practice of gaining interest — which makes for a corrupt economic system based on religious law.
Think of it as receiving stolen goods; does the recipient still keep the goods after being discovered by authorities that the items were indeed stolen? No. Another, probably more appropriate example would be supporting a local hospital with proceeds from laundered money gained from drug dealings, with the hospital administrators’ knowledge.
The factor of risk is still taken away from the banks. While it is a step in the right direction, it opens up new challenges for the charities who believe they are earning halaal (permissable funds). This is a compromise that would allow for practices to have an Islamic (stamp of approval) label, yet corrupt from within — another step towards dumbing down and further secularizing the Muslim population.