Fatwa #787530 January 2003United States of America
Meezan Bank Limited is promoting itself as a riba-free commercial bank in Pakistan. Can I invest my savings in its Mudaraba & Musharika accounts?
Question
Meezan Bank Limited is promoting itself as a riba-free commercial bank in Pakistan. Can I invest my savings in its Mudaraba & Musharika accounts? http://www.meezanbank.com/dollar.asp http://www.meezanbank.com/musharika.asp What is your opinion about Albaraka bank? http://www.albaraka.com Do you know any Islamic bank operating in either Pakistan or US where I can invest in its Mudaraba or Musharika accounts?Jazak-Allah Khairain
Answer
According to our information, Meezaan Bank is checked by Mufti Ashraf who is the son of the renowned scholar, Mufti Taqi Usmani Saheb of Darul Uloom, Karachi.
He too is an authority in Islamic Finance. We suggest you contact him directly in Karachi.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
He too is an authority in Islamic Finance. We suggest you contact him directly in Karachi.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai