Question:

I have following questions and need your guidance in the light of Sunni Fiqh:
1. Is there any bank in Pakistan which runs its PLS (Profit/Loss Sharing) account according to Islamic Shari'ah.
2. If no, then can you please guide me where can I invest my money in any bank or government organization (like Post Office or National Savings Centre-offering Defence Saving Certificates) where I can earn money according to Islamic Shari'ah Jazakallah

Answer:

 Fatwaa no.  073/06

In Pakistan Meezan Bank and some branches of MCB are doing their banking in the guidance and supervision of Mufti Muhammad Taqi Usmani, and he is happy with them regarding their Islamic banking. He is a big mufti and I trust him. You can find out more from him. His e mail address is:  mohdtaqi@cyber.net.pk or darulolumkhi@hotmail.com .

And Allah Ta’ala knows best

Mufti Muhammad Ashraf

Darul Iftaa

Jameah Mahmoodiyah

Springs

www.mahmoodiyah.org.za

jameah@worldonline.co.za                  

06 May 2006

06 Rabee’uth Thaani 1427

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Last modified: 07/10/07