Is it Haram to deposit money in Isalmic Bank, which are run by Mudaraba system ?
If it is Halal, can I open Savings Account & Fixed Deposit Account there ?
Al-jawab billahi at-taufeeq (the answer with Allah’s guidance)
Yes, you can open a savings and fixed deposit account in a bank which is completely Shariah compliant. However, we advise that you ask any reliable scholars in your place of residence when you want to deal with an Islamic bank, as some banks do not comply with Shari’a rules completely.
And Only Allah Ta’ala Knows Best.
Moulana Qamruz Zaman
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