Fatwa #883829 August 2003South Africa
Kindly inform me if the 'profit' obtained from Albaraka Bank Participation account is Halaal?
Answer
Hereunder is a response from Ebrahim Vawda of Al-Barakah Bank
Albaraka Bank Limited accepts deposits on a mudharabah basis. The funds are invested in ventures and transactions that are shariah compliant and involve products and services that are Islamically lawful. The profits generated from these investments are distributed to investors in terms of a pre- agreed profit- sharing ratio. This type of investment is Shari`ah compliant and the profits earned by the depositors are therefore Halaal.
I would like thank you again for the continued interest you are showing in Albaraka Bank.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
Albaraka Bank Limited accepts deposits on a mudharabah basis. The funds are invested in ventures and transactions that are shariah compliant and involve products and services that are Islamically lawful. The profits generated from these investments are distributed to investors in terms of a pre- agreed profit- sharing ratio. This type of investment is Shari`ah compliant and the profits earned by the depositors are therefore Halaal.
I would like thank you again for the continued interest you are showing in Albaraka Bank.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai