Question

Dealing with Islamic banks

250

Question

Are deposit in Islamic banks accepted or prohibited in Islam?

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Accepted Answer

All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad is His slave and Messenger.

Profits given by Islamic banks are lawful while interests given by usury-taking banks are forbidden. The banks that deal with Riba (interest and or usury) fix the interests in advance, but the Islamic banks give different profits according to Mudhaarabah (profit-sharing)

Allah Says (what means): {….. But Allaah has permitted trade and has forbidden interest. ….} [Quran 2:275]

Here, we state that what is mentioned above is the ruling, but some banks do not comply with the Sharee'ah rulings completely. So, we advise you to ask some scholars in your place of residence when you want to deal with an Islamic bank.

Allah Knows best.

Fatwa

Dealing with Islamic banks

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Answer

Related Fatwa

Taking Personal Loan from Islamic Banks in Qatar

Obligation to pay accumulated bank fees

Bank is entitled to refuse investments of those whose income is doubtful

An Islamic bank offering a fixed profit rate

Dealing with a bank whose shareholders' money is not lawful

Islamic finance companies asking for securities from their clients

Cooperation for establishing Islamic banks

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