Source: http://qa.muftisays.com/?2494
Question ID: #2494
 
Question: Islamic Bank
Is it Haram to deposit money in Isalmic Bank, which are run by Mudaraba system ?
If it is Halal, can I open Savings Account & Fixed Deposit Account there ?
 
 
Answered by: Ulamaa ID 04 (London)
Date: 24/01/2009 18:41pm

Bismillah

Al-jawab billahi at-taufeeq (the answer with Allah's guidance)


Yes, you can open a savings and fixed deposit account in a bank which is completely Shariah compliant. However, we advise that you ask any reliable scholars in your place of residence when you want to deal with an Islamic bank, as some banks do not comply with Shari'a rules completely.


And Only Allah Ta'ala Knows Best.
Mufti Qamruzzaman

London, UK
 
www.MuftiSays.com