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Is it permissible to deposit money in Islamic banks using Mudaraba system?

Answered as per Hanafi Fiqh by Muftisays.com
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 ?

Answer
Bismillah

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.

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Moulana Qamruz Zaman
London, UK

Original Source Link

This answer was collected from MuftiSays.com, based in London (UK). It is one of the fruits of Darul Uloom London. Many ‘ulama are involved in answering the Q&A on the site, including: Shaikul Hadeeth Mufti Umar Farooq Sahib, Mufti Saifur Rahman Sahib, Mufti Abdullah Patel Sahib, Maulana Qamruz Zaman Sahib, Mufti Abu Bakr Karolia Sahib.

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