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They say this FNB contract is sanctioned by Mufti Ebrahim Desai

Answered as per Hanafi Fiqh by Askimam.org

Assalaam u alaikum warahmatullahi wa barakaatuh

Respected mufti sahib (sallamakumullah)

FNB has opened an islamic investment account just a few years back . it is an account within the fnb’s main account , and the money put into this account they claim does not get mixed  with the main accounts money , it is run totally separately by a different admin group .

Their portfolio of investment is only vehicle and property financing .

They finance vehicles through an ijaarah contract .The contract states after the completion of the ijaarah period  the car will be given to the lessee as a gift from the side of the bank .

They say this contract is sanctioned by Mufti Ebrahim Desai .

I just want to clarify , is this true .

If it is and that is not a problem will it be fine to invest with this fnb sector or is there any other reason why one should stay away from it ?



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

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

We have devised the Ijarah contract of FNB Islamic Finance which included the insurance amount in the monthly instalments. We did not devise nor approve the Ijarah contract with a separate insurance contract. Such a contract is not Shariah compliant. You may obtain the property financing contract and forward to us for our observation.

And Allah Ta’āla Knows Best 

Mufti Ebrahim Desai

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

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