Fatwa #467487 January 2021Australia
Shariah Compliancy of Islamic Naya Pakistan Certificate
Question
Assalam o alaikum Mufti Sahb,
Recently Govt of Pakistan has launched Islamic Naya Pakistan Certificate (INPCs). Meezan bank which is run under the supervision of Mufti Taqi Usmani Sahb has also offered this investment certificate. This investment is claimed to be Shariah Compliant. I want to know if it is really Sharia Compliant as unfortunately it's very common nowadays to claim things Shariah Compliant when infact they're not. I am attaching the detail that they have provided. Please guide.
Please note I tried to insert image but your system will not allow it. The details terms and conditions of the said investment certificate can be seen @ https://www.meezanbank.com/naya-pakistan-certificate/
Jazakumullaho khair
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu 'alaykum wa-rahmatullāhi wa-barakātuh.
Respected brother,
The Darul Iftaa is not in a position to comment on the Shariah compliance of Mezaan Bank.
You may contact a local Mufti or the Mezaan Bank Shariah Board and enquire regarding the certificate.
Alternatively, you may acquire the detailed terms and conditions and send it to us for analysis.
And Allah Ta'ala Knows best
Zaakir Ismail
Student Darul Iftaa
South Africa
Checked and Approved by,
Mufti Ebrahim Desai.