(+92) 0317 1118263

Opening accounts in Islamic banks and using it's profits

Banking,Islamic Banking,Opening accounts in Islamic banks and using it's profits

Fatwa No :
80408
| Date :
جدید فقہی مسائل / بینکاری / اسلامی بینکاری

Opening accounts in Islamic banks and using it's profits

Is it permissible to open an account in banks which are called as "Islamic banking", such as Meezan Bank, etc., and deposit money in them, and earn interest on that money?

الجوابُ حامِدا ًو مُصلیِّا ً

Yes! "Meezan" and "Bank Islami" arrange transactions on the basis of Mudaraba, Musharaka and Murabaha in their fixed deposits, therefore, opening an account in them or earning profit through fixed deposits is permissible in itself.
However, if there is a deficiency in a particular matter, then it may be fully explained and the Sharia ruling can be found out.

And Allah knows best
محمد عثمان غنی بخش عُفی عنه
دار الافتاء جامعه بنوریه عالمیه

Fatwa No 80408 Verify Now
1     222
Related Fatawa Related Fatawa
  • The method of renting cars adopted in Islamic Banks

    Scanned   English   1 Islamic Banking
  • Ruling regarding savings accounts on Islamic Banks

    Unicode   English   0 Islamic Banking
  • Ruling on Meezan Bank's car financing

    Unicode   English   0 Islamic Banking
  • Ruling on purchasing a vehicle on installments from an Islamic Bank

    Unicode   English   0 Islamic Banking
  • Permissibility and impermissibility of profits gained through Islamic banks

    English   0 Islamic Banking
  • Taking a vehicle from Meezan Bank on Ijara Basis and Sharia status of takaful

    Unicode   English   1 Islamic Banking
  • Opening accounts in Islamic banks and using it's profits

    Unicode   English   1 Islamic Banking
  • The Operational Method of Meezan Bank and Its Shariah Ruling

    Unicode   English   0 Islamic Banking
  • Ruling on the Profit of Meezan Bank

    Unicode   English   0 Islamic Banking
  • Ruling on Conducting Transactions with Meezan Bank

    Unicode   English   0 Islamic Banking
  • Ruling on Meezan Bank and Bank Islami

    English   1 Islamic Banking
  • Ruling on the Profit Earned from Bank of Khyber’s Saving Account

    Unicode   English   0 Islamic Banking
  • Profit Given by Saudi Banks on Savings Accounts

    Unicode   English   0 Islamic Banking
  • Ruling on the Income Earned Through a National Savings Sarwa Account

    Unicode   English   0 Islamic Banking
  • Obtaining the ‘Mera Ghar Mera Aashiana’ Scheme from an Islamic Bank

    Unicode   English   0 Islamic Banking
  • Imposing Penalties for Late Payment of Installments by Islamic Banks

    Unicode   English   0 Islamic Banking
  • Obtaining a Loan from an Islamic Bank through the ‘Apna Ghar Apna Aashiyana’ Scheme

    Unicode   English   0 Islamic Banking
  • The Ruling on Opening a “Meezan Plus Saving Account” and Using Its Profit

    Unicode   English   0 Islamic Banking
  • Method of investment in Hotel Business

    Unicode   English   0 Islamic Banking
...
Related Topics Relative Topics