Halaal Islamic Banking Services

 

 

Question:

Assalamualaikum
 
Respected Mufti Saheb
 
Q1. Is the Islamic banking services provided by FNB and ABSA Shari'ah compliant as well as An-Nahal who are based in Roshnee, Gauteng, who also known as Roshgold Investments?
 
Q2. Since insurance on motor vehicle is compulsory by SA Law when vehicle financed, what is the Shari'ah ruling in this regard, and with which insurance broker can one take out insurance, e.g.. Takafol?
 
Q3. Is third party insurance permissible?
 
Your assistance in this regard will be greatly appreciated.
 
Jazakallah

Answer:

 Fatwaa no.  095/07

                  

  

  1. The services under the banner of Islamic Banking by ABSA, ROSHGOLD and WESBANK (FNB) are all Shari'ah compliant.
  2. Yes. One may take out insurance with a broker like Takafol SA.
  3. Third party insurance through conventional insurance companies is not permissible.

And Allah Ta’ala knows best

Mufti Muhammad Ashraf

Darul Iftaa

Jameah Mahmoodiyah

Springs

www.mahmoodiyah.org.za

jameah@worldonline.co.za                  

17 April 2007

28 Rabee'ul Awwal 1428

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Last modified: 07/10/07