Is it permissible to open an investment account with Banque Al Baraka Tunisia, a known Islamic bank?
It is permissible to open an investment account in Islamic banks if the Shariah-compliant controls are met. These are: that the bank invests the capital in buying and selling through lawful means, that the profit ratio is shared between the two parties and not predetermined, that the capital is not guaranteed, but rather its owner bears the loss unless the bank is negligent, and that the bank does not invest the funds in prohibited transactions. If these controls are met, then what is called a savings account or an investment account is valid, and this is (partnership in profit), which scholars have unanimously agreed upon its permissibility.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 115529
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy