The Islamic Windows in Traditional Banks

Abstract

This article discusses Islamic banking windows within traditional banks and the ongoing debate among Islamic scholars, both supporters and opponents of these windows. Some supporting scholars argue for the permissibility having these windows in traditional, providing their religious evidence from the Quran and Sunnah. On the other hand, opponents claim that Islamic windows within traditional banks are nothing but a support for usury moneylending, and they present their religious evidence from the Quran and Sunnah as well. However, the conclusion we have reached in this matter is the permissibility of having these windows, according to Sharʻīyah guidelines, such as the formation of a Sharʻīyah supervisory board consisting of trustworthy scholars with expertise in the field of Islamic banking. It also includes the formulation of legitimate contracts approved by the Shariah supervisory board, along with other mentioned guidelines in the article. Furthermore, this article addresses reservations regarding the financing methods of Islamic windows, the opinions of scholars regarding the mingling of permissible al-Ḥalāl and impermissible al-Ḥarām funds, based on the presence of Islamic window funds in conventional interest-based banks. We also discuss the tools through which Islamic windows can overcome the problem of mixing Ḥarām and Usurious-based fund.