Fatwa #4281529 July 2019South Africa
FNB Islamic pocket savings account
Question
Assalamualaikum
With my FNB account I have the FNB Islamic pocket savings accounts .
There is a profit share generated every month with this account.
Is that profit share fine or considered as interest?
Can we use the FNB islamic fixed deposit account also for that has profit share?
JazakAllah
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The Darul Iftaa cannot comment on the FNB Islamic pocket savings account as it was not designed by the Darul Iftaa nor do we know the modus operandi of their investment model. You may obtain the respective contract and forward it to us for our observations, as well as the avenues in which FNB is investing monies from the Islamic savings accounts.
And Allah Ta’āla Knows Best
Abu ‘Umar Muhammad bin Zayn Patel
Student Darul Iftaa
South Africa
Checked and Approved by,
Mufti Ebrahim Desai.