Fatwa: # 14984
Category: Financial Transactions
Country: South Africa
Date: 15th March 2007

Title

What is the compliancy status of FNB's Islamic Finance for:

Question

What is the compliancy status of FNB's Islamic Finance for:

  1. Loans [vehicle & home]
  2. Deposits eg. Islamic Finance cheque account in which a profit accrues.

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatoh

The Darul Ifta has approved only the car finance product of FNB based on the ijarah product.

And Allah knows best

Wassalam

Mufti Ebrahim Desai
Darul Iftaa

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