Fatwa No : 82982
Shariah Ruling on Investing through Meezan Bank and Bank Islami

Shariah Ruling on Investing through Meezan Bank and Bank Islami

Assalamu Alaikum,
I want to learn about interest (riba). Kindly let me know: Is there any interest-free (Islamic) bank operating in Pakistan? Is it permissible to open a current account in any bank? Also, please inform me about savings certificates. And guide me regarding the income from prize bonds.

الجوابُ حامِدا ًو مُصلیِّا ً

According to our knowledge, investing through Meezan Bank and Bank Islami, and using the profit earned from such investments, are both permissible and valid in Shariah. Other banks, however, generally operate on interest-based transactions; therefore, dealing with them through fixed deposit accounts or opening savings accounts is not permissible. Opening a current account in these two banks (Meezan and Bank Islami) is comparatively better than doing so in other banks.
Prize bonds are a reward scheme based on interest and gambling, and participation in them is not permissible.

مأخَذُ الفَتوی

کما في حاشية ابن عابدين: (قوله كل قرض جر نفعا حرام) أي إذا كان مشروطا كما علم مما نقله عن البحر، وعن الخلاصة و في الذخيرة وإن لم يكن النفع مشروطا في القرض، فعلى قول الكرخي لا بأس به (5/ 166)۔