- Could you please explain the rulings regarding Banking with Islamic Banks (Absa Islamic, Albaraka, Etc). A friend of mine said to me it is all a scam and the Scholars involved are there to make a quick buck, and I should regard the profits as interest? Is this correct and what is your advice and explanation if possible, as i would like to take it up these banks for an explanation?
- Similarly, what is the ruling regarding investing in Equities with scholars on their board (Albaraka Futregrowth, Oasis Cresent, Etc.?)
- We are not absolutely clear with the operations of Islamic banks. However, if any particular case is brought before us we will be in a position of ruling in favour or against. It is difficult for us to generalise their operation.
- As above.