Earning profit from Islamic banks?

Submitted by user2 on Mon, 2018-11-05 06:34

Q: I am going to retire in the near future. I dont want to deposit my money in any bank due to interest as it is haram. However, there are many Islamic Banks which also give returns on the deposits, though less.

My question is, 'Is keeping money in Islamic Banks and earning a profit halal or not'?

A: We cannot vouch for any bank whether they are halaal or not. Many a times, their constitutions are corrupt, and if they are right then many of the staff do not understand the concepts or do not apply the concept correctly. Hence we are not in the position of guiding you to any bank.

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

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

Category:

Business and Dealings›Interest and Gambling›Bank benefits and Credit card reward programmes

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