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The Operational Method of Meezan Bank and Its Shariah Ruling

Banking,Islamic Banking,The Operational Method of Meezan Bank and Its Shariah Ruling

Fatwa No :
80946
| Date :
0000-00-00

Fatwa No : 80946
The Operational Method of Meezan Bank and Its Shariah Ruling
جدید فقہی مسائل / بینکاری / اسلامی بینکاری

The Operational Method of Meezan Bank and Its Shariah Ruling

Respected Mufti Sahib, Assalamu Alaikum!
I would like to inquire about the operational system and functioning of Islamic banks such as Meezan Bank.

الجوابُ حامِدا ًو مُصلیِّا ً

According to our information, the system implemented by Meezan Bank and Al Baraka Bank is, compared to other conventional banks, significantly better and much closer to the principles of Shariah. Therefore, dealing with these institutions in various financial matters is permissible.
However, since these institutions are private entities and there is always a possibility that their policies or procedures may change, it is advisable — and indeed preferable — to first understand the complete nature of any transaction and then seek a Shariah ruling on it from a reliable Darul Ifta before proceeding.

And Allah knows best
حبیب الرحمن عُفی عنه
دار الافتاء جامعه بنوریه عالمیه
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