Mufti Online — Madrasah Ta'leemuddeen

How do I know which Islamic banks are genuinely Halal, what are the signs?

Published as Islamic Banks

· 25 Dhuʻl-Qiʻdah 1435 AH1 min readEnglish

Question

Could you kindly tell me whether Islamic banks are halal if I decide to buy a house? As far as I know even Islamic banks are not 100% halal. How do I know which Islamic banks are genuinely Halal, what are the signs?What do I need to to consider? Most of them claim to be Islamic and according to sharia law but it is sad to know that it is the same as taking riba at the end.

Answer

We are not absolutely clear with the operations of Islamic banks. However, if any particular case is brought before us, we will be able to issue a ruling of permissibility or impermissibility. It is difficult for us to generalise their operation.

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

Answered by
Mufti Zakaria Makada
Checked & approved by
Mufti Ebrahim Salejee (Isipingo Beach)
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Questions about this ruling, answered only from the archive with sources.

Where scholars differ, it’s safer to take the more cautious view.

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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/7705
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