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Is banking and insurance in Islamic?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Asslam Walaykum W Rahematuulahe W barkatuh, Hazrat My question is that “Is service in Banks & Insurance companies is Halal. If it is halal then how and if it is not than how kindly plz help me I want to understand this concept beacuse being commerce graduate in India I am being offered many job in this industries with good salary package. Plz reply soon Allah Hafiz.

Answer

(Fatwa: 181/181=M/1429)

Working for banks and insurance companies, where one has to write accounts of interest, keep record of interest transactions and render his help in this regard, is not allowed. The Prophet (صلى الله علیه وسلم) has cursed such people who take interest, give it, write it, become witness to it and become a source fort it:

لعن رسول الله صلى الله علیه وسلم آكل الربا و مؤكله وکاتبہ و شاھدیہ و قال ھم سواء (بخاری شریف)

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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