AskImamDarul Iftaa Mahmudiyyah (AskImam)

Meezan Bank Limited is promoting itself as a riba-free commercial bank in Pakistan. Can I invest my savings in its Mudaraba & Musharika accounts?

Fatwa 7875English
Finance and Commerce

Question

Meezan Bank Limited is promoting itself as a riba-free commercial bank in Pakistan. Can I invest my savings in its Mudaraba & Musharika accounts? http://www.meezanbank.com/dollar.asp http://www.meezanbank.com/musharika.asp What is your opinion about Albaraka bank? http://www.albaraka.com Do you know any Islamic bank operating in either Pakistan or US where I can invest in its Mudaraba or Musharika accounts?Jazak-Allah Khairain

Answer

According to our information, Meezaan Bank is checked by Mufti Ashraf who is the son of the renowned scholar, Mufti Taqi Usmani Saheb of Darul Uloom, Karachi.

He too is an authority in Islamic Finance. We suggest you contact him directly in Karachi.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
View original Ask AskImam directly

Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.