Is HBZ Islamic banking system Shari’a compliant?

Question

As Salaamulaikum Muftisaab,

I have various family monies which need to be placed in a bank account by the 4^th of September.

The monies are currently held in deposit call accounts with ABSA Bank and FNB.

We intend meeting with HBZ Bank to discuss placing these funds into their Shariah banking on the 4^th September provided their Shariah banking is compliant with Islamic law.

HBZ Bank has informed that their Shariah products have been approved by yourself. It would be appreciated if you could kindly let me know by midday the 4^th of September if you have certified their Islamic banking products as complaint with Shariah law and if your accreditation is still current?

In the absence of any reply I will assume their products are not Shariah compliant and will not meet with them on the 4^th September.

I thank you in anticipation of your assistance with this matter.

Salaams

Abdullah Noorgat · Accepted Answer

In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Respected Brother, We sincerely apologize for our belated response. Nevertheless, we hope this may assist you in future. The HBZ Shari’a banking system complies with the Islamic law and has been checked and approved by Mufti Ebrahim Desai Saheb. You may use the Shari’a banking services provided by HBZ bank. And Allah Ta’āla Knows Best Abdullah Noorgat Student Darul Ifta South Africa Checked and Approved by, Mufti Ebrahim Desai.

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