Darul Iftaa Mahmudiyyah

Is HBZ Islamic banking system Shari’a compliant?

· 14 Rabiʻ II 1441 AH1 min readFatwa 43210English

Question

As Salaamulaikum Muftisaab,

I have various family monies which need to be placed in a bank account by the 4th of September.

The monies are currently held in deposit call accounts with ABSA Bank and FNB.

We intend meeting with HBZ Bank to discuss placing these funds into their Shariah banking on the 4th September provided their Shariah banking is compliant with Islamic law.

HBZ Bank has informed that their Shariah products have been approved by yourself. It would be appreciated if you could kindly let me know by midday the 4th of September if you have certified their Islamic banking products as complaint with Shariah law and if your accreditation is still current?

In the absence of any reply I will assume their products are not Shariah compliant and will not meet with them on the 4th September.

I thank you in anticipation of your assistance with this matter.

Salaams

Answer

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

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

Respected Brother,

We sincerely apologize for our belated response. Nevertheless, we hope this may assist you in future.

The HBZ Shari’a banking system complies with the Islamic law and has been checked and approved by Mufti Ebrahim Desai Saheb. You may use the Shari’a banking services provided by HBZ bank.

And Allah Ta’āla Knows Best

Abdullah Noorgat

Student Darul Ifta

South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

Answered by
Abdullah Noorgat
Checked & approved by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/43210
Fatawa SA: https://fatawa.co.za/fatwa/askimam-43210

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