Fatwa No : 77448
Ruling regarding savings accounts on Islamic Banks

Ruling regarding savings accounts on Islamic Banks

Assalamu Alaikum Wa Rahmathullahi Wa Barakathuhu
I have come to know that all the Islamic banks encourage people towards Islamic savings account based on the old fatwa of Mufti Taqi Usmani Sahib whereas Mufti Sahib has requested to terminate all the savings accounts or convert them into current accounts as none of the affairs of Islamic banks are considered to be correct. Please confirm if we really can't trust any Islamic banking now?

الجوابُ حامِدا ًو مُصلیِّا ً

Wa Alaikumus Salam Wa Rahmathullahi Wa Barakatahuhu
We are not aware of Mufti Taqi Usmani's withdrawal of his previous fatwa regarding interest-free banking, nor have we come across the statement of closing accounts with customary Islamic banks, as such, it can be ascertained by contact him or referring to his institution regarding this. As for the financial institutions in our beloved country which do operate in accordance with the Sharia rules under the supervision of the Sharia Board consisting of qualified muftis, and also their practical procedures too are in accordance with the Sharia rules, there is a possibility to invest with them and use the profit earned there-of. however, if the questioner has any doubt about a special case or situation, it can be fully explained and ascertained under the Shariah ruling, if inquired.