Who We are
Welcome to FoneBank USA – where ethical microfinance banking meets the principles of Islamic Shariah. At FoneBank, we have redefined the landscape of banking by embracing a philosophy that shuns interest, gambling, and ambiguous contracts. Our commitment to providing ethical financial solutions is not just a business model; it's a reflection of our dedication to humanity, society, and the state.
Headquartered in the vibrant city of Houston, Texas, FoneBank USA extends its benevolent reach to all states across the nation. As a pioneer in ethical microfinance, our mission is to cater to the underserved populations in the United States, ensuring that everyone has access to fair and just financial services
Why FoneBank?
- Ethical Banking: We adhere strictly to the principles of Islamic Shariah, ensuring that our services are free from the pitfalls of interest, gambling, and ambiguous contracts.
- Inclusive Reach: With our headquarters in Houston and a designated presence in every state in the USA, FoneBank is committed to reaching the underserved and providing them with ethical financial solutions.
- Diverse Offerings: From traditional banking services to non-banking assistance, FoneBank is a one-stop destination for all your financial needs, accompanied by a commitment to ethical practices.
What We Offer for You
Depositing and Saving Facility Without Boundaries
FoneBank offers a secure and inclusive platform for individuals to deposit and save without any constraints. We believe in breaking down barriers and providing financial empowerment to all, irrespective of background or circumstance.
Pool-Based Investment with Industrywise Choice
Unlock the potential of your finances with FoneBank's innovative pool-based investment solutions. Invest any amount and choose from a diverse range of industries. We empower you to shape your financial future responsibly.
Non-Banking Services
Beyond traditional banking, FoneBank extends its services to cater to the diverse needs of our community. Whether it's assistance with funerals, support for Hajj and Umrah, or aiding in recovering from financial hardship, FoneBank is your partner in every aspect of life.
Training and Support for Home Craft
FoneBank is not just a financial institution; we are a community that values growth and self-sufficiency. Our commitment to your well-being extends to providing training and support for home crafts, ensuring that you have the tools to thrive in every aspect of life.
Unlock your financial potential with Fone Bank – The leading Ethical MicroFinance bank in the USA
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Some Questions & A.
The word “Riba” means excess, Increase or addition, which correctly interpreted according
to Shariah terminology, implies any excess compensation without due consideration (consideration
does not include time value of money). This definition of Riba is derived from the Quran and is
unanimously accepted by all Islamic scholars.
The meaning of Riba has been clarified in the following verses of Quran (Surah Al Baqarah 2:278-9)
“O those who believe; fear Allah and give up what still remains of the Riba if you are believers. But if
you do not do so, then be warned of war from Allah and His Messenger. If you repent even now, you
have the right of the return of your principal; neither will you do wrong nor will you be wronged.”
The origination of term interest dates back to 17th century with the emergence of banking
system at global level. Interest means giving and/or taking of any excess amount in exchange of a
loan or on debt. Hence, it carries the same meaning/value as that of Riba as defined in the previous
question. Further, it is narrated that “the loan that draws interest is Riba”.4
There is consensus among the Muslim scholars of all the fiqhs that interest is Riba in
all its forms and manifestations. 5
There are two kinds of Riba:
- Riba-An-Nasiyah/Riba-Al-Quran
- Riba-Al-Fadl
Riba An Nasiyah/Riba Al-Quran: In the Holy Quran, Allah (SWT) says in Sura Al-Baqarah (2-279):
“ …..And if you repent, yours is your principal”
It is reported by Harith ibe Abi Usamah in his Musnad that Sayyidna Ali Radi-Allahu Anhu reportedly
referred that the Holy Prophet said:
“Every loan that derives a benefit (to the lender) is riba”6.
Example of Riba-al-Nasiyah/Interest: If Mr. A lends Rs.100 to Mr. B (a borrower)
with a condition that Mr. B shall return him Rs.110 after one month. In this case, the extra amount of
Rs. 10 is Riba or Interest.
2. Riba-al-Fadl: Abu Said al Khudri Radi-Allahu anhu narrated that Holy Prophet (Peace be upon
him) said:
it may be noted that economically speaking it would be irrational to exchange one kilogram of wheat
with one and a half kilogram of wheat in a spot exchange. Therefore, some fuqaha have pointed out
that Riba-al-Fadl has been prohibited because if it was left un-prohibited it could be used as a
subterfuge for getting Riba-al-Nasiyah. Of the six commodities specified in the hadith, two (gold and
silver) unmistakably represent commodity money used at that time. One of the basic characteristics of
gold and silver is that they are monetary commodities. As a matter of fact, each of the six
commodities mentioned in the hadith has been used as a medium of exchange at some time or the
other.
During the dark ages, only the first form (Riba An Nasiyah) was considered to be Riba. However, the
Holy Prophet (peace be upon him) also classified the second form (Riba-al-Fadl) also as Riba8