Fatwa #2103618 May 2012Canada
Is the following bank Shariah Compliant?
Question
Dear Maulan Sahib, Assalamu Alaikum
Please see the following website and let me know if we can do business with them.
http://www.ijaraloans.com/
Jazak Allah
Answer
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Bother in Islam,
We have analyzed the Ijarah contract at www.ijaraloans.com. Hereunder is our response:
The Ijarah concept of Ijara Loans as espoused on www.ijaraloans.com is Shariah Compliant based on the information presented on the webportal in reference.
We cannot comment on the Ijara contract as we have not seen the terms and conditions of the actual contract.
And Allah Ta’āla Knows Best
Moulana Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.