Ing.com.au Reviews

Based on checking the website, ING ing.com.au is an Australian financial institution offering a comprehensive suite of banking products and services, including everyday accounts, savings accounts, personal loans, home loans, credit cards, superannuation, and various insurance products. However, as a Muslim professional blog writer, it’s crucial to address a fundamental issue upfront: a significant portion of the offerings, particularly those involving interest riba, are impermissible in Islam. This includes products like savings accounts with variable interest rates, term deposits, credit cards with interest, and all forms of personal and home loans that involve interest payments. Engaging in interest-based transactions is explicitly forbidden in Islamic finance due to its exploitative nature and negative societal impact. While the platform appears robust and offers a wide array of conventional financial tools, for those seeking to align their financial practices with Islamic principles, many of these options are unsuitable and should be avoided.

When dealing with financial institutions like ING, which operate on conventional models, Muslims are advised to exercise extreme caution and seek Sharia-compliant alternatives.

While ING provides convenient digital banking and a broad product range, the core of their offerings relies on interest, which, from an Islamic perspective, inevitably leads to detrimental outcomes, both individually and collectively.

Instead, the focus should be on ethical and interest-free financial products, such as those offered by Islamic banks or cooperative models that emphasize profit-and-loss sharing, asset-backed financing, and other Sharia-compliant contracts.

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ING.com.au Review & First Look: A Conventional Banking Powerhouse

Upon first glance, ing.com.au presents itself as a streamlined, user-friendly digital banking platform in Australia.

The website emphasizes convenience, competitive rates, and a broad range of financial products designed to cater to various customer segments, from individual savers to businesses and those seeking loans.

ING, globally known as a Dutch multinational banking and financial services corporation, operates in Australia as a direct bank, meaning it primarily conducts its operations online and over the phone, with a limited physical branch presence.

This digital-first approach is evident in its website design, which is intuitive and easy to navigate, aiming to provide a seamless banking experience.

Digital-First Approach and User Interface

ING’s commitment to a digital-first strategy is clear. Platbudget.com Reviews

The website is clean, modern, and highly responsive, optimized for various devices.

Information is logically organized, allowing users to quickly find details on products like “Orange Everyday” accounts, “Savings Maximiser,” credit cards, and personal loans.

The immediate impression is one of efficiency and accessibility, designed for a tech-savvy audience comfortable managing their finances online.

Breadth of Product Offerings

The sheer volume of products available on ing.com.au is notable.

It covers almost every aspect of personal and business banking. Remotecrew.io Reviews

For individuals, there are transactional accounts, high-interest savings options though interest is impermissible, personal loans for various purposes car, renovation, wedding, debt consolidation, and multiple home loan types.

Businesses can access savings and term deposit accounts.

Additionally, ING offers a range of insurance products car, health, home and contents, motorcycle, pet, travel and superannuation solutions.

This comprehensive suite aims to be a one-stop shop for financial needs, appealing to customers looking to consolidate their banking.

Customer Support and Self-Service Tools

ING heavily promotes its digital customer support channels, including messaging through its app or online banking, promising responses within 24 hours. Maonuozy.xyz Reviews

This aligns with its direct banking model, reducing the need for traditional branch visits.

The website also features an extensive “Help and support” section, FAQs, and various calculators loan borrowing power, repayments, savings interest to empower customers with self-service options.

This focus on digital self-help is a key characteristic of modern direct banks, often leading to lower operational costs and potentially more competitive rates for customers.

ING.com.au Cons: Navigating Impermissible Financial Products

While ING’s platform offers a wide range of services, a critical review from an Islamic perspective necessitates highlighting the significant drawbacks, primarily concerning the pervasive presence of interest-based products. For a Muslim, engaging with these offerings is not merely a matter of preference but a breach of fundamental Islamic financial principles. The concept of riba interest is strictly prohibited in Islam, irrespective of whether it is paid or received, due to its perceived injustice, promotion of inequality, and detachment from real economic activity.

The Pervasive Nature of Riba Interest

The most prominent “con” for a Muslim audience is that almost every core financial product offered by ING is built upon an interest-based model. Varobath.com Reviews

• Savings Accounts Savings Maximiser, Savings Accelerator: These accounts openly advertise “high variable interest rates.” While they offer attractive returns in conventional terms, these returns are generated through interest, making them impermissible.
• Term Deposits Personal, Business, Wholesale: These products guarantee a “fixed interest rate for the term.” The very nature of a term deposit is to earn interest over a set period, which is riba.
• Credit Cards Orange One Low Rate, Orange One Rewards Platinum: These cards feature “low rate credit card with no annual fee” or “platinum credit card with cashback rewards,” but inherently involve interest on outstanding balances if not paid in full, and often charge interest on cash advances. Even if one intends to pay in full, the underlying contract involves riba.
• Personal Loans for Car, Reno, Wedding, Travel, Debt Consolidation: These are advertised as “unsecured personal loan with a low fixed rate.” All conventional loans, by definition, involve charging interest on the principal amount, which is riba.
• Home Loans Mortgage Simplifier, Orange Advantage, Fixed Rate Loan, Green Upgrade Loan: These are presented as “home loans for buyers, investors and borrowers looking for a better deal” with “low variable interest rate” or “fixed interest rate.” All conventional mortgage products involve interest payments over the loan term, which is riba.
• Superannuation SMSF Cash, SMSF Term Deposit: Even aspects of superannuation, like the cash component of Self Managed Superannuation Funds, offer “variable interest rate” or “fixed interest rate,” rendering them non-compliant.

Lack of Sharia-Compliant Alternatives

ING, being a conventional bank, does not offer any Sharia-compliant financial products. There are no Islamic financing options like Murabaha cost-plus financing, Musharakah partnership, Mudarabah profit-sharing, or Ijarah leasing that avoid interest. This means a Muslim customer would need to actively seek out separate Islamic financial institutions if they wish to adhere to their faith’s principles, effectively making ING an unsuitable primary banking partner for comprehensive financial needs.

Ethical Concerns Beyond Riba

While riba is the primary concern, other subtle aspects of conventional banking can also raise ethical questions in Islam. For example, investment portfolios within superannuation or other savings vehicles might indirectly invest in industries that are considered unethical e.g., alcohol, gambling, conventional entertainment, weapons manufacturing. Without explicit screening for Sharia compliance, it becomes challenging for a Muslim to ensure their funds are not supporting industries that are forbidden.

The Illusion of “Convenience” and “Savings”

ING’s marketing often highlights benefits like “0 ongoing account fees,” “0 international transaction fees,” “cashback rewards,” and “rebated ATM withdrawal fees.” While these seem attractive on the surface for cost savings, these benefits are often linked to meeting specific criteria, such as depositing a certain amount $1,000+ and making a certain number of card purchases 5+ monthly. More importantly, these “savings” or “rewards” are derived from or facilitate engaging with a financial system fundamentally built on riba. For instance, “cashback rewards” on a credit card, while seemingly beneficial, are part of a product that carries interest. Therefore, any perceived “savings” are outweighed by the impermissibility of the underlying transaction.

ING.com.au Alternatives: Embracing Halal Financial Solutions

For Muslims seeking to manage their finances in accordance with Islamic principles, bypassing interest-based products offered by conventional banks like ING is paramount. The good news is that Sharia-compliant alternatives exist, offering ethical and permissible ways to save, invest, and finance large purchases. These alternatives are rooted in principles of justice, risk-sharing, and ethical investment, avoiding riba interest, gharar excessive uncertainty, and maysir gambling.

Islamic Banks and Financial Institutions

The most direct alternative is to engage with dedicated Islamic banks or financial institutions that operate entirely on Sharia-compliant principles. Mandmdirect.nl Reviews

While the availability of such institutions might vary depending on geographic location more prevalent in Malaysia, parts of the Middle East, and the UK, with growing presence elsewhere, they offer a full suite of services that mirror conventional banking but adhere to Islamic finance rules.

• Halal Savings Accounts: Instead of interest, these accounts often operate on a Mudarabah profit-sharing basis, where the bank invests your funds in Sharia-compliant ventures, and profits or losses are shared.
• Islamic Home Financing e.g., Murabaha, Musharakah Mutanaqisah, Ijarah Muntahia Bittamleek:
  • Murabaha Cost-Plus Sale: The bank purchases the property and then sells it to the customer at a pre-agreed mark-up. Payments are made in installments, and there is no interest.
  • Musharakah Mutanaqisah Diminishing Partnership: The bank and customer jointly own the property, and the customer gradually buys out the bank’s share. The customer also pays rent for the bank’s portion.
  • Ijarah Muntahia Bittamleek Lease to Own: The bank leases the property to the customer, and ownership transfers at the end of the lease term.
• Islamic Personal Financing: Similar to home financing, personal finance can be structured as Murabaha for purchasing specific goods e.g., a car, electronics or Mudarabah for business ventures.
• Takaful Islamic Insurance: Instead of conventional insurance, Takaful operates on cooperative principles, where participants contribute to a fund, and claims are paid out from this fund. Any surplus is often shared among participants, avoiding elements of riba and gharar found in conventional insurance.
• Sharia-Compliant Investment Funds: These funds invest only in companies and assets that adhere to Islamic ethical guidelines, avoiding industries like alcohol, gambling, conventional finance, and unethical entertainment.

Ethical and Cooperative Banking Models

Even outside of explicitly Islamic institutions, some ethical and cooperative banking models share similar values that might appeal to Muslims. While they may not be fully Sharia-compliant, they often prioritize social responsibility, transparency, and sustainable investments over maximizing profit through interest-based lending. It’s crucial to thoroughly vet such institutions to ensure their practices do not inadvertently involve riba or other prohibited elements.

Cash-Based Transactions and Saving

For everyday spending and short-term needs, a simple cash-based approach or using a debit card linked to an account that does not pay or charge interest remains the safest and most permissible option.

For larger purchases, cultivating a discipline of saving until the full amount is available is a fundamental Islamic principle, promoting financial independence and avoiding debt.

This aligns with the wisdom of the Prophet Muhammad PBUH who said, “No one has ever eaten any food better than that which he has earned by working with his own hands.” Sahih Bukhari. Acedoubleglazing.co.uk Reviews

Community-Based Lending and Support

Consider exploring community-based lending models, credit unions, or informal networks that facilitate interest-free loans Qard Hasan. These systems are built on mutual support and benevolence, allowing individuals to borrow what they need without the burden of interest, and repay when able.

This embodies the spirit of cooperation and charity encouraged in Islam.

How to Cancel ING.com.au Subscriptions/Services Relevant to Non-Interest Accounts

While many of ING’s core offerings involve interest, certain services or accounts might be opened unintentionally or need to be closed for other reasons.

For instance, if you’ve opened an “Orange Everyday” account primarily for transactional purposes, without actively seeking interest, you might decide to close it.

The process for managing or canceling services with a digital bank like ING is generally straightforward, relying on their online and app channels. Babyboo.ie Reviews

Account Closure Process

To close an ING account e.g., Orange Everyday, a non-interest-bearing business account if applicable, or even a credit card to avoid future interest accumulation, follow these general steps:

1. Transfer Funds Out: Ensure all funds are transferred out of the account you wish to close. If it’s a joint account, ensure both parties agree and understand the implications.
2. Cancel Direct Debits/Credits: Update any direct debits, recurring payments, or direct credits like salary to a new bank account. This is crucial to avoid missed payments or lost funds.
3. Check for Outstanding Balances/Fees: For credit cards or loans, ensure there are no outstanding balances or pending fees. Paying off a credit card balance in full is essential before closure.
4. Contact ING Customer Service:
   • Message via App/Online Banking: This is often the preferred method for direct banks. Log into your ING app or online banking and use the secure messaging feature to request account closure. Clearly state which accounts you wish to close.
   • Phone Call: Call ING’s customer service line. Be prepared to verify your identity.
   • Written Request: In some cases, especially for complex accounts, a written request might be required. Confirm this with customer service.
5. Confirmation: Request a confirmation of account closure for your records. ING will usually send an email or an in-app message.

Cancelling Associated Services e.g., Insurance Policies

If you have insurance policies with ING Car, Home & Contents, Pet, etc., these are separate products that would need individual cancellation.

1. Review Policy Terms: Check your policy documents for cancellation clauses, notice periods, and any potential fees or refunds.
2. Contact ING Insurance: Use the specific contact details provided for ING Insurance often different from general banking inquiries to initiate the cancellation. You might need to provide your policy number and personal details.
3. Confirm Cancellation: Ensure you receive written confirmation of the policy cancellation.

Important Considerations

• Linked Accounts: Be mindful of any accounts that are linked. For example, if your “Savings Maximiser” is linked to your “Orange Everyday” for interest benefits even if you avoid the interest, the link might exist, closing one might affect the other.
• Tax Implications: For accounts that have generated income e.g., interest, even if impermissible, it’s still income in the eyes of tax authorities, ensure you have all necessary statements for tax purposes before closing.
• Digital Records: Save any important statements, transaction histories, or correspondence from ING before closing accounts, as access to online banking will cease.

How to Cancel ING.com.au Free Trial N/A for Core Banking Services

The concept of a “free trial” typically applies to subscription-based services, software, or digital platforms where users can test features before committing to a paid plan.

Based on the review of ing.com.au, the core banking products accounts, loans, credit cards, insurance, superannuation do not operate on a free trial model.

You either open an account or apply for a product, and the terms and conditions, including any fees or interest charges, apply from the outset. Vicpainmanagement.com.au Reviews

Why “Free Trial” Doesn’t Apply Here

• Banking Products are Contractual: Opening a bank account, applying for a loan, or getting a credit card involves entering into a formal contractual agreement from day one. There isn’t a “trial period” where the terms like interest rates or account fees are waived entirely before they kick in.
• Immediate Financial Implications: Unlike a streaming service that you can trial and cancel before a payment is due, banking products have immediate financial implications. For instance, a credit card incurs interest if not paid in full, and a loan requires repayments from the first month.
• No “Subscription” Model: ING’s services are not subscription-based in the conventional sense. While some accounts might have monthly fees though ING often advertises “no ongoing fees” for many products if certain criteria are met, this isn’t a “subscription” that you can trial and then cancel.

What Might Be Misconstrued as a “Trial”

• Introductory Offers: Sometimes, banks might offer introductory benefits, such as a higher bonus interest rate for a limited period on a savings account or a waived annual fee for the first year on a credit card. These are promotional offers, not “free trials.” The underlying product terms still apply, and the core nature of the product e.g., interest-based remains unchanged.
• “Cooling-Off” Periods: For certain financial products, consumer protection laws in Australia might provide a “cooling-off period” during which a customer can cancel an agreement without penalty. This is a legal right, not a “free trial” initiated by the bank. For example, insurance policies might have a cooling-off period. If this applies, you would need to contact ING’s insurance arm directly within that specified timeframe to cancel.

Conclusion: There is no “free trial” to cancel for ING’s primary banking services as understood in the typical sense of a subscription. If you have opened an account or signed up for a product, you are bound by its terms and conditions from the start. If you wish to cease using a service, you would follow the account or policy cancellation procedures outlined in the previous section.

ING.com.au Pricing: Understanding the Cost of Conventional Banking

When evaluating ING’s pricing, it’s essential to distinguish between advertised benefits and the underlying costs, especially for products involving riba interest. While ING often promotes “no ongoing fees” and competitive rates, the critical pricing element from an Islamic perspective is the inherent cost of dealing with interest-based financial instruments.

Account Fees and Features

ING is known for offering accounts with minimal or no monthly fees, particularly for its flagship “Orange Everyday” bank account, provided certain conditions are met.

• Orange Everyday Bank Account:
  • Monthly Criteria: To unlock benefits like 1% cashback on eligible utility bills, $0 international transaction fees, and up to 5 ATM withdrawal fee rebates, customers typically need to deposit $1,000+ from an external source and make 5+ settled ING card purchases each month.
  • Standard Fees: If these criteria are not met, some standard fees might apply, though ING aims to keep these low. The general proposition is “no annual fee,” but international ATM operator fees might still apply, even if ING rebates its own portion.
• Savings Maximiser: Often advertised with “$0 ongoing account fees.” The “cost” here is the interest earned, which is impermissible.

Credit Card Pricing

ING offers two main credit cards, and their pricing involves various components:

• Orange One Low Rate:
  • Annual Fee: Advertised as “no annual fee.”
  • Interest Rate: Features a “low fixed interest rate” on purchases. This is the primary “cost” from an Islamic perspective, as paying interest is riba.
  • International Transaction Fees: No ING international transaction fees if monthly criteria are met deposit $1,000+ into Orange Everyday and 5+ card purchases.
• Orange One Rewards Platinum:
  • Annual Fee: Likely has an annual fee, though not explicitly stated as “no annual fee” like the Low Rate card.
  • Interest Rate: Features a purchase interest rate, again, the core impermissible cost.
  • Cashback Rewards: Offers “cashback rewards” on spend. While this seems like a benefit, it’s tied to an interest-bearing product.

Loan Pricing Personal Loans, Home Loans

All loans offered by ING inherently involve interest, which is the primary “price” or “cost” in conventional terms but is haram in Islam. Es-sabers.co.uk Reviews

• Personal Loans: Advertised with a “low fixed rate” and “no ongoing monthly fees and no early repayment fees.” The fixed interest rate is the charge for borrowing.
• Home Loans: Offer “low variable interest rate” or “fixed interest rate home loans.” The interest rate is the most significant cost component, calculated over the loan term.
• Commercial Loans: Similarly, involve “competitive interest rates” for commercial property finance.

Insurance Premiums

ING offers a range of insurance products Car, Home & Contents, Motorcycle, Pet that involve paying a premium.

• Premiums: These are the regular payments for cover.
• Discounts: ING often advertises discounts, such as “15% off” or “30% off” the first year’s premium for online purchases or combined policies.
• Conventional Insurance vs. Takaful: It’s important to note that conventional insurance, due to elements of gharar uncertainty and maysir gambling in its traditional structure, is generally considered impermissible in Islam. The permissible alternative is Takaful, which operates on cooperative principles.

Superannuation Pricing

• Living Super: ING’s superannuation product has fees associated with its management, administration, and investment options, similar to other conventional super funds. The “SMSF Cash” and “SMSF Term Deposit” components also involve interest, which is impermissible.

Overall: While ING strives to be competitive with its fee structure for accounts and often offers promotional benefits, the fundamental “pricing” model for most of its lucrative products revolves around interest. For a Muslim, this renders a significant portion of their offerings impermissible, regardless of how “cheap” the fees or how “low” the interest rates appear. The true “cost” in an Islamic context is the spiritual consequence of engaging in riba.

ING.com.au vs. Halal Alternatives: A Comparative Outlook

When comparing ING.com.au to halal alternatives, the core distinction lies not in features or convenience, but in fundamental adherence to Islamic financial principles. ING, as a conventional bank, operates on an interest-based system, whereas halal alternatives strictly avoid riba interest and other forbidden elements like gharar excessive uncertainty and maysir gambling. This makes a direct “feature-for-feature” comparison less relevant than an ethical and compliance-based one.

Banking Accounts

• ING Orange Everyday, Savings Maximiser:
  • Features: Low/no monthly fees conditions apply, cashback on utility bills, international transaction fee rebates, ATM fee rebates, competitive interest rates on savings.
  • Halal Status: Impermissible due to interest earned on savings accounts and the inherent interest-based nature of the broader conventional banking system. Even the transactional account, while not directly earning interest, is part of a system that thrives on it.
• Halal Alternatives Islamic Banks:
  • Features: Current accounts interest-free checking, profit-sharing investment accounts instead of interest-bearing savings. These operate on Qard Hasan benevolent loan for current accounts or Mudarabah profit-sharing for investment accounts, where profits are generated from Sharia-compliant investments.
  • Compliance: Fully Sharia-compliant, avoiding riba.

Loans and Financing

• ING Personal Loans, Home Loans, Commercial Loans:
  • Features: Fixed/variable interest rates, various loan purposes car, renovation, wedding, debt consolidation, online application, borrowing power calculators.
  • Halal Status: Unconditionally impermissible due to the charging and paying of riba interest on all loan products.
• Halal Alternatives Islamic Finance Institutions:
  • Features: Asset-backed financing models like Murabaha cost-plus sale, Ijarah leasing, Musharakah Mutanaqisah diminishing partnership. These structures facilitate asset acquisition without interest. For instance, the bank buys the asset and sells it to you at a known profit margin or leases it to you with an eventual transfer of ownership.
  • Compliance: Fully Sharia-compliant, adhering to asset-backed transactions and profit/loss sharing.

Credit Cards

• ING Orange One Low Rate, Orange One Rewards Platinum:
  • Features: Low interest rates, no annual fees for some, cashback rewards, mobile payments.
  • Halal Status: Impermissible due to the potential for interest charges on outstanding balances, and the underlying contractual structure that allows for riba.
• Halal Alternatives Islamic Credit Cards:
  • Features: Typically charge a fixed annual fee or service charge instead of interest. They operate on principles like Ujrah fee-based service or Murabaha for specific purchases. Some may offer cashback based on Sharia-compliant investments or non-interest-based rewards programs.
  • Compliance: Designed to avoid interest, adhering to Sharia principles.

Insurance

• ING Car, Home & Contents, Health, Pet, Motorcycle, Travel Insurance:
  • Features: Wide range of conventional insurance products, discounts for online purchase/combined policies.
  • Halal Status: Generally considered impermissible due to elements of gharar uncertainty/speculation and maysir gambling inherent in conventional insurance contracts, as well as potential for riba in investment of premiums.
• Halal Alternatives Takaful:
  • Features: Cooperative model where participants contribute to a fund to cover claims. Surplus funds are often distributed back to participants. Focus on mutual assistance and transparency.
  • Compliance: Fully Sharia-compliant, based on principles of mutual cooperation and solidarity.

Superannuation/Investments

• ING Living Super, SMSF Cash/Term Deposit:
  • Features: Various investment options, interest-bearing cash components for SMSFs.
  • Halal Status: Impermissible if investment options include non-Sharia-compliant assets e.g., conventional banks, alcohol, gambling, arms or if cash components earn interest.
• Halal Alternatives Sharia-Compliant Super Funds/Investment Funds:
  • Features: Strict screening processes to ensure investments are in Sharia-compliant companies and sectors. Avoidance of interest-bearing securities.
  • Compliance: Investments rigorously screened to ensure adherence to Islamic ethical and financial guidelines.

Conclusion: The choice between ING and halal alternatives is a principled one. While ING offers the convenience and ubiquity of conventional banking, its offerings fundamentally clash with Islamic financial injunctions against riba. Halal alternatives, while sometimes less widely available or perhaps perceived as having fewer “bells and whistles,” provide the essential services needed for financial management while upholding ethical and religious commitments. For a Muslim, prioritizing adherence to Sharia principles outweighs any perceived “benefits” of conventional interest-based banking.

Ensuring Financial Purity: The Islamic Perspective on Earnings and Investments

The Islamic financial framework places immense importance on the purity of earnings and the ethical nature of investments. It’s not just about avoiding riba interest. it’s about fostering a just and equitable economic system that benefits society as a whole. This includes ensuring that wealth is generated through legitimate means and invested in ways that align with Islamic values. Quality-living.co.uk Reviews

The Prohibition of Riba: More Than Just a Rule

The prohibition of riba is a cornerstone of Islamic finance, reiterated in numerous verses of the Quran and sayings of the Prophet Muhammad PBUH. It’s not simply a legalistic prohibition but a divine injunction rooted in deep ethical and social wisdom. Riba is seen as inherently exploitative because it allows wealth to grow without any real productive effort or genuine risk-taking.

• Ethical Implications: Riba is believed to exacerbate wealth inequality, concentrate wealth in the hands of a few, and create economic instability. It encourages indebtedness and can lead to financial hardship for borrowers, while lenders profit regardless of the underlying economic performance.
• Social Impact: In a society where riba is prevalent, economic activity can become detached from real-world production. This can lead to speculative bubbles and crises, as seen in various financial downturns. Islamic finance, conversely, promotes risk-sharing, where both parties in a transaction share in the profits and losses, fostering greater transparency and responsibility.
• Spiritual Consequence: For Muslims, engaging in riba carries severe spiritual consequences, diminishing blessings barakah and inviting divine displeasure.

Legitimate Sources of Earning

Islam encourages various legitimate forms of earning that involve effort, risk, and benefit to society:

• Trade Tijarah: Buying and selling goods and services with fair prices and transparent dealings. The Prophet Muhammad PBUH was a merchant, and trade is highly regarded in Islam.
• Work/Employment Ijarah: Earning wages or salaries for one’s skills, labor, and time. This involves providing value in exchange for compensation.
• Partnerships Musharakah/Mudarabah: Engaging in business ventures where profits and losses are shared based on pre-agreed ratios. This promotes entrepreneurial spirit and collective responsibility.
• Agriculture and Production: Earnings derived from cultivating land, manufacturing goods, and providing essential services.
• Crafts and Professions: Earning through specialized skills and craftsmanship.

Ethical Investment Guidelines

Beyond avoiding riba, Islamic investment principles emphasize investing in ethical industries and businesses. This means screening out companies involved in:

• Forbidden Products/Services Haram: Alcohol, gambling, pork, conventional arms manufacturing, conventional financial services insurance, interest-based banking, tobacco, and unethical entertainment e.g., pornography.
• Unethical Business Practices: Exploitative labor practices, environmental degradation, deceptive marketing, or corruption.

Instead, investments are encouraged in sectors that bring genuine benefit to society, such as:

• Halal Consumer Goods and Services: Food, clothing, education, healthcare, technology.
• Real Estate and Infrastructure: Projects that contribute to community development.
• Sustainable and Ethical Businesses: Companies with strong environmental, social, and governance ESG practices that align with Islamic values.

The Importance of Sadaqah and Zakat

Islamic finance isn’t just about how one earns and invests. Ipregisteruk.com Reviews

It’s also about how one purifies and distributes wealth.

• Zakat: An annual obligatory charity on accumulated wealth, serving as a pillar of economic justice, redistributing wealth to the poor and needy.
• Sadaqah: Voluntary charity given for the sake of Allah, further contributing to social welfare and cleansing one’s wealth.

By adhering to these principles, Muslims aim to not only achieve financial stability but also earn the pleasure of Allah and contribute to a more just and prosperous society.

Therefore, engaging with platforms like ING.com.au that primarily operate on interest-based models poses a significant challenge to upholding these fundamental tenets of financial purity.

Frequently Asked Questions

What is ING.com.au?

ING.com.au is the official website for ING in Australia, a direct bank offering a wide range of conventional financial products and services, including everyday bank accounts, savings accounts, personal loans, home loans, credit cards, insurance, and superannuation.

Is ING.com.au a legitimate bank?

Yes, ING.com.au is the legitimate online presence of ING, which is a reputable and well-established financial institution globally, operating as a direct bank in Australia. Jointcorp.net Reviews

What types of accounts does ING.com.au offer?

ING.com.au offers Orange Everyday bank accounts, Savings Maximiser and Savings Accelerator personal savings accounts, and Business Optimiser and Business Term Deposits for businesses.

Are ING’s savings accounts Sharia-compliant?

No, ING’s savings accounts Savings Maximiser, Savings Accelerator are not Sharia-compliant because they offer and generate interest, which is forbidden in Islam.

Does ING.com.au offer personal loans?

Yes, ING.com.au offers unsecured personal loans with fixed interest rates for various purposes, including car purchases, home renovations, weddings, travel, and debt consolidation.

Are ING’s personal loans permissible in Islam?

No, ING’s personal loans are not permissible in Islam because they are interest-based, and charging or paying interest riba is strictly forbidden.

What credit cards does ING.com.au provide?

ING.com.au provides Orange One Low Rate and Orange One Rewards Platinum credit cards. Machineseeker.com Reviews

Are ING’s credit cards Sharia-compliant?

No, ING’s credit cards are not Sharia-compliant as they involve the potential for interest charges on outstanding balances, which is forbidden in Islam.

Does ING.com.au offer home loans?

Yes, ING.com.au offers various home loan options, including Mortgage Simplifier low variable rate, Orange Advantage offset account, Fixed Rate Loan, and Green Upgrade Loan.

Are ING’s home loans permissible in Islam?

No, ING’s home loans are not permissible in Islam because they are interest-based mortgages, and interest is forbidden.

What kind of insurance does ING.com.au offer?

ING.com.au offers conventional insurance products like Car Insurance, Health Insurance, Home and Contents Insurance, Motorcycle Insurance, and Pet Insurance.

Is conventional insurance from ING.com.au permissible in Islam?

Generally, no. Conventional insurance from ING.com.au is not permissible in Islam due to elements of excessive uncertainty gharar and gambling maysir, and potential for interest riba in its underlying investments. Prosperoteaching.com Reviews

What is the Orange Everyday bank account?

The Orange Everyday bank account is ING’s main transactional account, offering benefits like cashback on utility bills and fee rebates if monthly deposit and transaction criteria are met.

How can I avoid fees with ING’s Orange Everyday account?

To avoid certain fees and unlock benefits, you generally need to deposit $1,000+ from an external source and make 5+ settled ING card purchases each month into your Orange Everyday account.

Does ING.com.au have a mobile app?

Yes, ING.com.au promotes its mobile app as a key tool for managing banking needs, including messaging customer service and accessing various financial tools.

What are Sharia-compliant alternatives to ING’s interest-based products?

Sharia-compliant alternatives include Islamic banks offering profit-sharing savings accounts Mudarabah, asset-backed financing for homes Murabaha, Musharakah Mutanaqisah, interest-free credit cards, and cooperative insurance Takaful.

How do I close an account with ING.com.au?

To close an ING account, transfer out all funds, cancel direct debits/credits, ensure no outstanding balances, then contact ING customer service via secure message in the app/online banking or by phone to request closure. Hometwist.co.uk Reviews

Does ING.com.au offer a free trial for its services?

No, ING.com.au does not offer free trials for its core banking products like accounts, loans, or credit cards.

These are contractual financial products with terms and conditions that apply from the outset.

What is Takaful insurance?

Takaful is a Sharia-compliant alternative to conventional insurance, operating on cooperative principles where participants contribute to a fund for mutual assistance and claims, avoiding elements of interest, uncertainty, and gambling.

Why is interest riba forbidden in Islam?

Interest riba is forbidden in Islam because it is seen as an exploitative and unjust form of wealth generation that benefits lenders without productive effort or risk-sharing, exacerbates inequality, and can lead to economic instability, ultimately lacking blessing barakah.