As salaam u alaykum.Just wanted to ask if one can bank with albaraka bank??Apparently according to the ads its "Banking the islamic way"

Assalamu Alaikum Warahmatullah

Brother/Sister in Islam

1)     Albarakah Bank of is primarily based on the Islamic principles of economics. The Darul Ifta has adopted a transaction to transaction approach regarding the dealings of Albarakah Bank. We cannot issue a blanket ruling regarding the Shariah compliance of all the dealings of Albarakah Bank. If anyone wishes to deal with Albarakah Bank, he may enquire the details of the deal and official documentation of the transaction and forward it to us for advice.

2)     The Oasis Equity Crescent Fund deals in shares. The concept of shares in a stock exchange is different from the concept of shares in Shariah. Oasis Crescent Fund and other shares investment schemes do not meet the conditions of partnership and shares in Shariah. In Islamic business and economics, the share holders in a partnership must bear full liability of the debts of the company. That is generally not so in conventional share investment schemes. The partners liabilities are limited.

And Allah Knows Best

Mufti Ebrahim Desai

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