Profits from an FNB Islamic Savings Account

Q: What is the Shariah status of the Islamic Savings Account that one can open at FNB? One does not receive any interest but a portion of the profit is periodically credited by the bank to such an account?

The Bank claims that a board of top Ulama have investigated the account and have granted approval.

A: We have not yet found any bank that is shariah compliant.

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

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)