Question

Putting money in Faisal Islamic Bank of Egypt

351

Question

Is it Halal to put my money in Faisal Egyptian Islamic Bank?

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Accepted Answer

Praise be to Allah, the Lord of the Worlds; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.

We cannot give a judgement on Faisal Islamic Bank because we do not know the reality of its transactions.

If it is proven for sure that this bank invests its money in other banks which deal with interest and usury, then it is not permissible to deal with this bank or to deposit money in it except for a necessity.

However, if the bank is only opening current accounts without any usury or interest in other banks for the necessity of money transactions, then there is no harm according to many scholars. But other transactions of the bank have to be considered as well; if they are according to Islamic principles, then it is acceptable to deal with it, otherwise not.

Allah knows best.

Fatwa

Putting money in Faisal Islamic Bank of Egypt

Question

Answer

Related Fatwa

Taking Personal Loan from Islamic Banks in Qatar

Obligation to pay accumulated bank fees

Bank is entitled to refuse investments of those whose income is doubtful

An Islamic bank offering a fixed profit rate

Dealing with a bank whose shareholders' money is not lawful

Islamic finance companies asking for securities from their clients

Cooperation for establishing Islamic banks

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