Category: Business Matters
Fatwa#: 41372
Asked Country: United Arab Emirates

Answered Date: Dec 02,2018

Title: Suggest an alternative to do the business since keeping bank staff is impermissible

Question

Assalalmu alikum warahamatullahi wabarakatuhu,

 

Dear Mufti sab,

 

As per this fatwa: 41222. it's not permissable to keep bank staff. Then how to do this business since most of the people want to go through bank especially non muslims. Suggest some way to do this business. Even i have an idea to do this business. 

 

Regards,

Irshad Hussain.

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

The basis of Fatwa 41222 is the staff will facilitate interest bearing loans, which is prohibited. To facilitate such transactions falls under the ambit of the following verse:

ولا تعاونوا على الإثم والعدوان                                                   

And do not help each other in sin and aggression. (Verse: 5:2)

As Muslims, we should endeavour to promote Shari’ah compliant ways of financing. The bank may be approached and explained the procedure of Islamic Finance methods and encouraged to facilitate Islamic Finance.

Alhamdulillah, Islamic Finance has generated much interest internationally. An expert in Islamic Finance may be requested to make a presentation to the bank to appropriately advise the bank.

 

And Allah Ta’āla Knows Best

Aboobakr Siddeeq bin Mufti Amjad Mohammad

Student Darul Iftaa

Azaadville, JHB, South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

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