Meezaan bank

Q: I want to ask about the ribba free profit loss based Islamic investment. Currently I am interested in Meezan Bank Monthly Mudarbah Certificate, which states that its ribba free and bank becomes your partner on rabb ul mall and mudarib basis. Half profit goes to bank and half to the customer while the percentage of profit is changed each month according to profit loss base.

While if there if there is a loss, customer will also bear the loss. For your more information here below is the link for further review. Please guide me if it is OK with islamic teachings and halaal?

A: We do not know about their complete operations. Hence, we cannot comment.

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


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)