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Question # : 1246

United Arab Emirates

My question is On Islamic Banking.These days a number of Islamic Banks are in operation,all claimimg to be operating purely on Islamic principles. Tell me your opinion and investigation on this current issue of Islamic Banking. Can we participate in their different products like, car financing, house finanacing, taking loans etc.

Answer : 1246

Published on: Sep 15, 2007

بسم الله الرحمن الرحيم


(Fatwa: 360/360=L)


 


The banks which are operating on shirkah and muzarabah are on Islamic principles. No specific bank can be regarded as right until the entire functioning detail is surveyed. Therefore, one can not be allowed to benefit from its schemes before verification.



Allah knows Best!


Darul Ifta,
Darul Uloom Deoband

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