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| Fatwa ID: | 76950 |
| Title: | Do you know of a bank in America that deals in an Islamic way and you would recommend it? |
| Category: | Financial Transactions |
| Scholar: | Dr.Salah Al-Sawy |
| Date: | 11/26/2008 |
Do you know a bank in
In the Name of Allah, the Beneficent, the Merciful,
All praise is due to Allah, and may peace and blessing be upon the Messenger of Allah, upon his family, his companions and those who have followed him. To proceed:
I do not know of any particular bank where any particular transaction is of an absolutely pure Islamic arrangement, but there are various attempts which have been made by Islamic institutions or non-Islamic banks which are trying to adopt an Islamic model in order to attract Muslim customers, and all of these endeavors are still in the early phases, and they are missing many necessary parameters and precise details. So, whoever is strong enough to be patient, that would be better for him, and whoever is forced or finds a strong need, these endeavors are all alike. Whether Islamic institutions or conventional banks, these attempts at Sharia-compliance would be better for him than dealing with purely interest-based financial products.
And Allah Almighty is the Most High, and He knows best.
