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Islamic Bank

Last updated: 21st September 2006
Question ID: #2494
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21st September 2006

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 ?

Ulamaa ID 04
Answer last updated on:
24th January 2009
Answered by:
Ulamaa ID 04
Location: London

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.