Question:
Does the Islamic (current) Account offered by Lloyds Bank contain interest and is it permissible?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Answer:
At the current date of 17th October 2016, The Lloyds Bank Islamic Account is functioning under the Shariah approval by the Shariah committee of Lloyds Bank. The current Shariah committee consists of two independent scholars, namely, Shaykh Nizam Yaquby and Mufti Muhammad Nurullah Shikder. These two scholars are reputable in the Islamic Finance industry and are experienced in Shariah advisory. One may follow their approval and utilise the Islamic account.
And Allah Ta’ālā Alone Knows Best
Mufti Faraz Adam,
www.darulfiqh.com
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