التمويل الإسلامي
Islamic finance
What scholars and major institutions say, clear calculations, banks and funds by country. Free, no account, and nothing to sell you.
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Calculate
Free tools that show their working; your figures stay in your browser.
- Halal stock screenerA company’s AAOIFI, Dow Jones, S&P, MSCI and FTSE ratios
- Dividend purification calculatorThe amount to give, stock by stock or for the whole portfolio
- Purifying interest receivedAdd up the interest received and track what is given
- Conventional mortgage or Islamic home financeMonthly payment, total cost and equivalent rate side by side
- Murabaha calculatorSale price, monthly payment and the true equivalent rate
Questions
Each answer sets out the positions of the major institutions, with their references.
Banking and savings
Credit and payments
Insurance and pensions
Stock market and investing
Gold and cryptocurrencies
Understand
The founding prohibitions and the contracts of Islamic finance, with the verses and hadiths.
- الربا Riba: usury and interest in Islam What is riba? The verses, the hadiths, the two kinds of riba, the six goods, bank interest according to the International Islamic Fiqh Academy and al-Azhar, and what is not riba.
- الغرر Gharar: excessive uncertainty in contracts Gharar (excessive uncertainty): the hadith that forbids it, minor versus major gharar, the forbidden sales, and its modern applications (insurance, options, cryptocurrencies).
- الميسر Maysir: gambling, betting and lotteries Maysir (gambling) in the Qur’an, how it differs from business risk, and its modern forms: lotteries, sports betting, prize bonds, paid competitions and speculative products.
- الكسب الحلال Halal earnings: the principles of Islamic finance The principles governing money in Islam: transactions are lawful by default, gain goes with risk, the prohibitions (riba, gharar, maysir), necessity and need, mostly halal income, purification.
Contracts
- المرابحةMurabaha: the sale with a known mark-up
- الإجارةIjarah: leasing, and leasing ending in ownership
- المشاركةMusharakah and diminishing musharakah
- المضاربةMudarabah: capital entrusted to a manager
- الصكوكSukuk: certificates backed by real assets
- التكافلTakaful: cooperative insurance
- السَّلَمSalam: pay now, take delivery later
- الاستصناعIstisna’: ordering an asset to be manufactured
- التورقTawarruq: raising cash through a deferred sale
- القرض الحسنQard hasan: the benevolent loan
- الوكالة بالاستثمارWakalah: entrusting your money to an agent
Practical guides
- How to check whether a share is halal, step by stepThe full method for screening a share: business, debt, cash, receivables, non-compliant income, AAOIFI, Dow Jones, S&P, MSCI, FTSE and Borsa İstanbul thresholds, where to find the figures.
- Purifying your dividends and interest, step by stepHow to calculate the part of a dividend to purify, what to do with interest received, who to give it to and when, and what does not count as purification, with two calculators and a yearly log.
- Managing your money the halal way in FranceA practical guide for France: interest-free accounts, the Livret A, buying a home, investing through assurance-vie, a PEA or a securities account, retirement and insurance, with institutions’ views.
- Managing your money the halal way in the United KingdomA practical guide for the UK: Islamic banks, home purchase plans (HPPs), ISAs and compliant funds, workplace pensions, Premium Bonds and student loans, with the views of the institutions.
- Participative banks in Morocco: the guideHow Moroccan participative banks work: legal framework, Shariah Committee, accounts, home and car murabaha, ijarah, investment accounts, takaful, and what to check before signing.
- Participation banks in Türkiye: the guideKatılım bankaları: participation accounts and profit share, gold accounts, home and car finance, sukuk (kira sertifikası), BES katılım, tasarruf finansman companies, with Diyanet’s decisions.
Find
Dated directories, with no ranking and no recommendation.
Institutions cited
Answers rely on their resolutions and standards, cited by number.
- International Islamic Fiqh AcademyOrganisation of Islamic Cooperation, Jeddah
- AAOIFIAccounting and Auditing Organization for Islamic Financial Institutions, Bahrain
- DiyanetPresidency of Religious Affairs, Türkiye (High Council of Religious Affairs)
- European Council for Fatwa and ResearchEuropean Council for Fatwa and Research, Dublin
- Dar al-Ifta of EgyptHouse of Fatwa, Cairo
- Permanent CommitteeCouncil of Senior Scholars and Permanent Committee for Research and Fatwa, Saudi Arabia
Questions about Islamic finance
What is Islamic finance?
A way of saving, financing and investing that follows Islam’s rules on transactions: no interest (riba), no excessive uncertainty (gharar), no gambling (maysir), no unlawful activity. Profit must rest on a real asset, service or shared risk: sale, lease or partnership rather than an interest-bearing loan.
Is an Islamic bank really different from a conventional bank?
The contract changes: the bank buys and resells (murabaha), leases (ijarah) or becomes a partner (musharakah) instead of lending at interest. The cost can be close to that of a loan, because banks price against the market. The International Islamic Fiqh Academy encouraged these banks (resolution 10 (10/2), 1985) and calls for genuine Shariah supervision (resolution 177 (3/19)); it also prohibited some practices, such as organised tawarruq (resolution 179 (5/19)).
Is bank interest haram?
For the International Islamic Fiqh Academy, any increase stipulated on a loan is forbidden riba, and interest-bearing deposits are usurious loans (resolutions 10 (10/2) and 86 (3/9)); AAOIFI, Diyanet and the Saudi bodies take the same position. Dar al-Ifta of Egypt and al-Azhar’s Islamic Research Academy see it instead as a permissible investment contract. Interest already received is given away, without seeking reward.
Can a Muslim invest in the stock market?
Buying shares in a company with a lawful activity is permitted (International Islamic Fiqh Academy, resolution 63 (1/7)). For lawful companies that borrow or deposit at interest, the Academy states that the principle is prohibition and has postponed its decision; AAOIFI and Islamic indices accept them within thresholds, with purification. Options, buying on margin with an interest-bearing loan and short selling are prohibited (same resolution).
Are these pages fatwas?
No. Assabile reports the positions of institutions with their references, explains the contracts and offers educational calculations. For a personal case, consult a qualified scholar; for a financial decision, a licensed professional.