Darul Ifta Ibn Masood

Profits from FNB Islamic banking

· 12 Shawwal 1444 AH1 min readEnglish

Question

I have an FNB Islamic Account and a savings pocket. I get paid shares monthly because of the money that is saved in the savings pocket.

Is it permissible to use this money? Is long-term investments with the same institute permissible?

Answer

We do not approve of FNB Islamic banking. The ‘profits’ earned from the account should be given out in charity without any intention of reward. There are many deserving Muslims that are eligible to receive such funds. Also, it will not be permissible to put your funds into a long-term investment account with the intention of accruing higher ‘profits’. Yes, you may keep your funds with the bank with the intention of safekeeping and not with the intention of accruing interest or ‘profits’.

Answered by
Mufti Mohammed Desai
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Source: Darul Ifta Ibn Masood — https://fataawa.co.za/profits-from-fnb-islamic-banking/
Fatawa SA: https://fatawa.co.za/fatwa/ibnmasood-23790

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