Profit earned by Islamic banks

Q: Is profit earned by using Islamic banking halaal or haraam?

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 is not shariah compliant, and thus the so-called "profits" which they are giving their clients are not halaal.

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

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)