My question is On Islamic Banking.These days a number of Islamic Banks are in operation,all claimimg to be operating purely on Islamic principles. Tell me your opinion and investigation on this current issue of Islamic Banking. Can we participate in their different products like, car financing, house finanacing, taking loans etc.
Answer:
(Fatwa: 360/360=L)
The banks which are operating on shirkah and muzarabah are on Islamic principles. No specific bank can be regarded as right until the entire functioning detail is surveyed. Therefore, one can not be allowed to benefit from its schemes before verification.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband