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Is there currently a consensus on what is known as “Islamic Banking”?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
As-Salaamu alaikum: Respected Mufti Sahib: Currently there is a difference of opinion regarding what is known as ?Islamic Banking.? There are some ulama that are of the opinion that this type of banking and the services that they provide are halaal and a practicing Muslim should have not fear and fully take advantage of the variety of services being offered by these same banks. On the other hand there are a group of scholars that aver that this type of banking is no different than regular commercial non Islamic banks. The only differences being in the terminology, but the actual transactions fall into the category of riba. Our question to the ulama ikram is: in the opinion of your darul iftaa, which group is correct, as both can not be correct in this case. Please explain your fatwa completely which will eliminate the doubts in the minds of the common people. Jazaakumullahu Khairan!


(Fatwa: 1278/987=H)

This case is not related to Darul Ifta. The Ulama from both sides should write their proofs, sit together and find a solution. However, if the differences still exist then they should fix the lines of difference (hudood-e-ikhtelaf) and do not transgress them. They should keep the differences among themselves and avoid creating confusion in the minds of common Muslims by spreading these differences. The difference which falls under boundaries set by Shariah is a cause of rahmah (mercy).

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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