What is the ruling of Sharia on "The Draft System of the Funding Contracts which aren`t Based on Interest" at the Cities and Villages Development Bank?
All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
The Fatwa Committee of the General Iftaa` Department has reviewed the above draft system sent from His Excellency the Director of the Legislation & Opinion Bureau for studying and clarifying the ruling of Sharia regarding it. After careful consideration, it was found out that the above draft system is compliant with the rulings and regulations of Sharia. And Allah the Almighty knows best.