Assalam o alaikum: We are a web-consultants. We would like to know whether the following deal with the banks is permissible or not: We will provide the bank with complete infrastructure for credit cards to be accepted through retail stores and on the internet. The problem is this that the bank can levy interest on their customer credit card who doent pay within one month, plus they will also use OUR SYSTEM that we will be providing them for accepting payments for utility bills such as telephone,gas and etc [no problem with this] BUT they may also use OUR SYSTEM for accepting INSURANCE AND LEASING payments from their customers. Q1) is it permissible to give bank this solution which can be used both according to shariah(HALAAL WAYS) and against shariah(HARAAM WAYS) depending upon the banks decision ? Q2) there are 2 options of getting our income from this solution which we will be selling to the bank. a) either we charge them the complete cost of this solution with our profit in it (or) b) we share the cost plus share the revenue from the SOLUTION WE ARE SELLING to the bank. WHICH METHOD IS PERMISSIBLE ? Q3) is there anything like ISLAMIC INSURANCE ? Please can you also tell us some good islamic institutions which teaches ISLAMIC BUSINESS such as islamic investment, islamic leasing and other regarding matters. Jaza Kallah
We need to know what you are actually providing to the bank. Is it just computer equipment, or do you provide a complete package on an ongoing bases. Do you design the software for them? Are you an ISP?
and Allah Ta’ala Knows Best
for: Mufti Ebrahim Desai
FATWA DEPT.
CHECKED AND APPROVED: Moulana Imraan Vawda