Darul Iftaa Mahmudiyyah

Kindly inform me if the 'profit' obtained from Albaraka Bank Participation account is Halaal?

· 1 Rajab 1424 AH1 min readFatwa 8838English

Question

The question text was not published separately; the title stands in for it.

Kindly inform me if the 'profit' obtained from Albaraka Bank Participation account is Halaal?

Answer

Hereunder is a response from Ebrahim Vawda of Al-Barakah Bank

Albaraka Bank Limited accepts deposits on a mudharabah basis. The funds are invested in ventures and transactions that are shariah compliant and involve products and services that are Islamically lawful. The profits generated from these investments are distributed to investors in terms of a pre- agreed profit- sharing ratio. This type of investment is Shari`ah compliant and the profits earned by the depositors are therefore Halaal.

I would like thank you again for the continued interest you are showing in Albaraka Bank.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/8838
Fatawa SA: https://fatawa.co.za/fatwa/askimam-8838

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