Fatwa: # 16993
Category: Financial Transactions
Country: Pakistan
Date: 6th August 2008

Title

I want to know about bank savings/investment, whether this profit is HALAL as Meezan bank claim.links are

Question

Asalam O Aliakum

I want to know about bank savings/investment, whether this profit is HALAL as Meezan bank claim.links are

http://www.meezanbank.com/pages.aspx?iPageId=91

http://www.meezanbank.com/pages.aspx?iPageID=50

 

Please confirm, is it Islamic way of investment or suggest any other way to invest money for halal profit.

 

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh

We cannot issue a ruling on the Shari'ah compliancy of savings/investment with Meezan Bank until studying the full details of their contracts and procedures. Unfortunately, their web site does not provide such details.

And Allah knows best

Wassalam

Ml. Asif Umar,
Student Darul Iftaa

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa

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