Respected Mufti Saheb
Q1. Is the Islamic banking services provided by FNB and ABSA Shari’ah compliant as well as An-Nahal who are based in Roshnee, Gauteng, who also known as Roshgold Investments?
Q2. Since insurance on motor vehicle is compulsory by SA Law when vehicle financed, what is the Shari’ah ruling in this regard, and with which insurance broker can one take out insurance, e.g.. Takafol?
Q3. Is third party insurance permissible?
Your assistance in this regard will be greatly appreciated.
- The services under the banner of Islamic Banking by ABSA, ROSHGOLD and WESBANK (FNB) are all Shari’ah compliant.
- Yes. One may take out insurance with a broker like Takafol SA.
- Third party insurance through conventional insurance companies is not permissible.
And Allah Ta’ala knows best
Mufti Muhammad Ashraf
17 April 2007
28 Rabee’ul Awwal 1428
This Q&A was indexed in 2012 from the website of Jameah Mahmoodiyah, South Africa. The original website no longer exists.