Fatwa: # 41485
Category: Business Matters
Country: South Africa
Date: 10th January 2019


Is FNB/Wesbank Islamic finance still Shariah compliant?



Is FNB/Wesbank Islamic finance still Shariah compliant? 

Please advise.



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

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

As you may have been aware, our Mufti Ebrahim Desai Saheb was the initial head of the Shari’ah Board at FNB Islamic Division. During his tenure there, he had approved only one product, namely the Asset Lease Product. Due to disagreements with the FNB Management, he resigned as the head member of the Shari’ah Board after consulting various senior and prominent businessmen.

At present we do not have any information about the products and its procedures. Furthermore, we cannot simply place reliance on the fact that the Islamic Division has a new Shari’ah Board. Unless and until we have not studied the current products in detail, we cannot approve the products being offered.

Our advice would be to abstain until absolute clarity is obtained.

And Allah Ta’āla Knows Best

Admin - Darul Iftaa.

DISCLAIMER - AskImam.org questions
AskImam.org answers issues pertaining to Shar'ah. Thereafter, these questions and answers are placed for public view on www.askimam.org for educational purposes. However, many of these answers are unique to a particular scenario and cannot be taken as a basis to establish a ruling in another situation or another environment. Askimam.org bears no responsibility with regards to these questions being used out of their intended context.
  • The Shar's ruling herein given is based specifically on the question posed and should be read in conjunction with the question.
  • AskImam.org bears no responsibility to any party who may or may not act on this answer and is being hereby exempted from loss or damage howsoever caused.
  • This answer may not be used as evidence in any Court of Law without prior written consent of AskImam.org.
  • Any or all links provided in our emails, answers and articles are restricted to the specific material being cited. Such referencing should not be taken as an endorsement of other contents of that website.
The Messenger of Allah said, "When Allah wishes good for someone, He bestows upon him the understanding of Deen."
[Al-Bukhari and Muslim]