Mufti Online — Madrasah Ta'leemuddeen

Is profit earned by using Islamic banking halaal or haraam?

Published as Profit earned by Islamic banks

· 26 Muharram 1446 AH1 min readEnglish

Question

Is profit earned by using Islamic banking halaal or haraam?

Answer

We do not find the workings and operations of Islamic banks to be consistent with the principles of shariah in regard to commerce and trade. Hence, we feel that the manner in which Islamic banks operate is not shariah compliant, and thus the so-called "profits" which they are giving their clients are not halaal.

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

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/34986
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