Darul Iftaa Mahmudiyyah

Meezan Bank Limited is promoting itself as a riba-free commercial bank in Pakistan. Can I invest my savings in its Mudaraba & Musharika accounts?

· 27 Dhuʻl-Qiʻdah 1423 AH1 min readFatwa 7875English

Question

Meezan Bank Limited is promoting itself as a riba-free commercial bank in Pakistan. Can I invest my savings in its Mudaraba & Musharika accounts? http://www.meezanbank.com/dollar.asp http://www.meezanbank.com/musharika.asp What is your opinion about Albaraka bank? http://www.albaraka.com Do you know any Islamic bank operating in either Pakistan or US where I can invest in its Mudaraba or Musharika accounts?Jazak-Allah Khairain

Answer

According to our information, Meezaan Bank is checked by Mufti Ashraf who is the son of the renowned scholar, Mufti Taqi Usmani Saheb of Darul Uloom, Karachi.

He too is an authority in Islamic Finance. We suggest you contact him directly in Karachi.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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Questions about this ruling, answered only from the archive with sources.

Where scholars differ, it’s safer to take the more cautious view.

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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/7875
Fatawa SA: https://fatawa.co.za/fatwa/askimam-7875

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