Mufti Online — Madrasah Ta'leemuddeen

Islamic banks

· 7 Jumada I 1437 AH1 min readEnglish

Question

I want to know whether Al hilal bank based at UAE is a purely Islamic and shariah compliance oriented bank. As by name many banks say or put the word Islamic with their bank; which really doesn't make them Islamic. Please clarify.

Answer

We cannot vouch for any bank whether they are halaal or not. Many a times, their constitutions are corrupt, and if they are right then many of the staff do not understand the concepts or do not apply the concept. Hence we are not in the position of approving.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Zakaria Makada
Checked & approved by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/13922
Fatawa SA: https://fatawa.co.za/fatwa/muftionline-13922

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