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Seeing the name of Maulana Mufti Taqi Usmani in the Shariah Board and reading his fatwa on the permissibility of Meezan Bank products, I opened a saving account with Meezan Bank Limited. Now I have found out that there is a controversy on the subject and even Mufti Taqi does not recommend the bank now. Please guide me should I continue with the said bank or not? Where I should keep my money if even this bank is not Shariah compliant?  

Answered according to Hanafi Fiqh by Albalagh.net

Meezan Bank

By Mufti Muhammad Taqi Usmani


Q.: Seeing the name of Maulana Mufti Taqi Usmani in the Shariah Board and reading his fatwa on the permissibility of Meezan Bank products, I opened a saving account with Meezan Bank Limited. Now I have found out that there is a controversy on the subject and even Mufti Taqi does not recommend the bank now.

Please guide me should I continue with the said bank or not? Where I should keep my money if even this bank is not Shariah compliant?


A.

It is true that some ulama have issued a fatwa against the business of Meezan Bank, rather against Islamic banking in general, but after considering their arguments I could not change my view.  However, in case of disagreement between Muftis, one may act on the opinion of the Mufti that one believes to be more reliable.

And Allah Ta’ala Knows Best

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This answer was collected from Albalagh.net, which is an Islamic site with Q&A and articles authored by many world renowned scholars from the Muslim world. Many of Mufti Taqi Uthmani’s fatawa in English are found exclusively on this site.

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