Home » Hanafi Fiqh » Askimam.org » Can I open a saving account in an Islamic Bank?

Can I open a saving account in an Islamic Bank?

Answered as per Hanafi Fiqh by Askimam.org

 I have a following question, I need you to please reply it in the light of Quran and Sunnah… Q: “Is it halaal to open a saving account(and get profit) in an Islamic bank….that is claiming to run its investments under the advise of a Shariah board? ” The bank claims it as shariah complaint banking… (As per the ruling of Mufti Taqi usmani sahb). I want to earn a right profit for my family but not at the cost of Rage and Wrath of Allah SWT. Please help me. Your kind reply is awaited… Wa-assalam

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.  

Assalāmu ῾alaykum wa Rahmatullāhi Wabarakātu

If the bank in reference uses the reference of Mufti Taqi Uthmani Sahab to be Shariah Compliant, you should seek clarity on that from Mufti Taqi Uthmani Sahab directly. Enquire from him whether he has approved of the Shariah Compliancy of the bank?

 

And Allāh Ta῾āla Knows Best

Wassalāmu ῾alaykum 

Jibran Kadarkhan

Student, Dārul Iftāa

Mauritius

Checked and Approved by:

Mufti Ebrahim Desai

This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.