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Ruling on Depositing Money in Islamic Bank Fixed Deposit Schemes to Earn Profit

Banking,Conventional Banking,Ruling on Depositing Money in Islamic Bank Fixed Deposit Schemes to Earn Profit

Fatwa No :
23830
| Date :
جدید فقہی مسائل / بینکاری / مروجہ بینکاری

Ruling on Depositing Money in Islamic Bank Fixed Deposit Schemes to Earn Profit

I have attached the fatwa from Bank Islami. I have deposited some money in a fixed deposit (monthly profit account). Is the profit earned from it permissible (halal) or not?

الجوابُ حامِدا ًو مُصلیِّا ً

According to our knowledge, the operations and deposit transactions of Bank Islami are conducted in accordance with Shari'ah principles. If this is indeed the case, then depositing money in a fixed deposit account with the said bank and earning monthly profit from it is permissible and valid in Shari'ah.

And Allah knows best
محمد علیم بدل عُفی عنه
دار الافتاء جامعه بنوریه عالمیه

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