Using the profits from an FNB Islamic savings account

Q: I am using FNB Islamic Banking and got a savings account where I got some money in that account.At the end of every month FNB gives some amount as your Islamic Profit Share of the amount that you got in savings account. Is it halal to use that money?

A: We do not find the workings and operations of Islamic banks to be consistent with the principles of shariah in regard to commerce and trade. Hence, we feel that the manner in which Islamic banks operate (while being part of the conventional bank and the monies being mixed) is not shariah compliant, and hence the so-called "profits" which they are giving their clients are not halaal.

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

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)