Are Conventional banks investment products really Shariah Compliant?

Answered according to Hanafi Fiqh by Askimam.org

Asalaamu alaikum Respected Mufti Saheb. Absa, FNB and now Standard banks claim that they have Shariah compliant investment opportunities for muslims. Are they all truely Shariah compliant? Whare would you advise us as muslims to invest our monies in that complies with the Quraan and Sunnah in South Africa?

Answer

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

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

The Darul Iftaa cannot comment on the investment products of FNB, ABSA or Standard Bank as the investment schemes are not designed by the Darul Iftaa nor do we know the modus operandi of their various investment schemes. You may obtain the respective contracts and forward to us for our observations.

The Darul Iftaa has designed the Al-Mabroor Investment Schemes which is Shariah Compliant. You may refer to http://almabroorprojects.com/contact-us/ for further information.

And Allah Ta’āla Knows Best

Huzaifah Deedat

Student Darul Iftaa
Lusaka, Zambia 

Checked and Approved by,
Mufti Ebrahim Desai.

 

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