Fatwa #4743716 March 2021United Kingdom
My question is regarding opening ISAs (including junior ISAs for children)
Question
Assalamualaikum ww, My question is regarding opening ISAs (including junior ISAs for children) Are we allowed to open these accounts with GOV U.K. and with other companies stating that they are halal for example Al Rayan Bank? Having looked on GOV U.K. website, it shows that if you put in £4000 into your ISA account you can make £1000 profit (25% increase) per year. Is this interest and if not is this allowed? Can you please include a detailed answer if possible and with any daleel (proof) you may be able to bring, I would really appreciate it. Jazakallahu Khayran. Ws
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
A query regarding ISA accounts has been answered by Mufti Faraz Adam (Hafidhahullah) of www.darulfiqh.com based in the UK. Mufti Faraz Adam is a graduate of Darul Iftaa Mahmudiyyah.
You may refer to the following link.
https://darulfiqh.com/knowledgebase/are-isas-shariah-compliant/
And Allah Ta’āla Knows Best
Bilal Yusuf Pandor
Student Darul Iftaa
Lusaka, Zambia
Checked and Approved by,
Mufti Ebrahim Desai