Is the Shariah Bank here in Malawi permissible? I want to invest money in it. They have given me a form. Attached is the form. Pls advise.
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
We have studied the Shariah Private Investors Club Investment Application Form [Short term Mudhaarabah agreement]. In our view, the contract is Shariah Compliant.
However, investment will be done through other Islamic Finance Modes e.g. Musharakah, Ijarah etc. We will require these documents to analyze their Shariah Compliancy before issuing a ruling on investment. You may forward us the various contracts for review.
And Allah Ta’āla Knows Best
Mufti Safwaan Ibn Ml Ahmed Ibn Ibrahim
Checked and Approved by,
Mufti Ebrahim Desai.
This answer was collected from DarulIftaaMW.com, which is the official website of Darul Iftaa Malawi, head by Mufti Safwaan Ibrahim.
He completed his Aalimiyyah studies in Darul Uloom Azaadville and further studied his Iftaa course at Darul Iftaa Mahmudiyyah – both in South Africa.