عربي
26 Rabi al-Thani 1443  ,  01 December 2021

The General Iftaa` ... Date Added: 25-10-2020

Prophet Mohammad (PBUH) ... Date Added: 24-09-2020

Statement on the so-Called ... Date Added: 30-01-2020

Ijtihad & Taqlid Date Added: 27-01-2020

The Family and Ramadan Date Added: 26-04-2021

The Pandemic Absolves a ... Date Added: 15-03-2021

Forbearance is the Basis ... Date Added: 04-01-2021

The Participation in ... Date Added: 11-11-2020

Fatawaa


Subject : Ruling on Opening Savings Accounts at Islamic Banks

Fatwa Number : 592

Date : 08-04-2010

Classified : Current Financial Issues

Fatwa Type : Search Fatawaa


Question :

I plan to open a savings account at the Islamic International Arab Bank. Does this bank comply with Sharia in terms of the way it conducts business?



The Answer :

Answer: All perfect praise be to Allah the Lord of the Worlds. May Allah`s peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

As far as we (Iftaa` Department) know, Islamic banks state that they comply with Sharia in their various transactions, and a specialized Sharia committee makes sure that this is the case. Thus, this suffices to issue a Fatwa stating that it is permissible to open accounts at such banks and conduct investments with them. Accordingly, a Muslim isn`t required to verify that each transaction complies with Sharia unless it was found out that the bank fails to adhere to the rules of Sharia pertaining to methods of investment. If this is the case, then a Muslim person should investigate matters to be on the safe side as far as the teachings of Sharia are concerned.

In any case, making sure that Islamic banks abide by the rules of Sharia in their various transactions is the responsibility of the Sharia committees as well as the oversight bodies of these banks and not the Iftaa` Department. And Allah the Almighty knows best.  




Comments

 

Name *

E. mail Address *

Country

Comment Title *

Comment *

 
 

Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.