Is it permissible to invest and deal with Al Baraka Banking Group, which appears to be an Islamic bank?
Al Baraka Banking Group adheres to Islamic banking principles. The default ruling is that it is permissible to invest in its programs and products, unless an error is identified in a specific program, in which case investment in it should be avoided. Some Islamic banks have indeed issued violations, such as organized tawarruq, imposing late payment penalties, and charging a percentage for cash withdrawals with a credit card, all of which are transactions forbidden by the Islamic Fiqh Academy. Therefore, it is not possible to rule on the validity of all transactions. However, the default is permissibility, and one should exercise caution and inquire about contentious transactions.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 17600
- Added here
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy