Darul Iftaa Mahmudiyyah

FNB Islamic pocket savings account

· 26 Dhuʻl-Qiʻdah 1440 AH1 min readFatwa 42815English

Question

Assalamualaikum

With my FNB account I have the FNB Islamic pocket savings accounts .

There is a profit share generated every month with this account.

Is that profit share fine or considered as interest?

Can we use the FNB islamic fixed deposit account also for that has profit share?

JazakAllah

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

The Darul Iftaa cannot comment on the FNB Islamic pocket savings account as it was not designed by the Darul Iftaa nor do we know the modus operandi of their investment model. You may obtain the respective contract and forward it to us for our observations, as well as the avenues in which FNB is investing monies from the Islamic savings accounts.

And Allah Ta’āla Knows Best

Abu ‘Umar Muhammad bin Zayn Patel

Student Darul Iftaa
South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

Answered by
Abu ‘Umar Muhammad bin Zayn Patel
Checked & approved by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/42815
Fatawa SA: https://fatawa.co.za/fatwa/askimam-42815

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