Question ID: 24880
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Asalaamualaikum respected mufti
My question relates to islamic asset finance, is it permissible?
To my knowledge banks are using the term profit and some ulema are sure of it permissibility , could mufti explain alil on this?
i would like a brief explanation please and advice on whether this is acceptable.and who is mufti Tahki Usmani ? is he a reputable alim ?
jzklh

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Asked on November 15, 2010 12:00 am
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Private answer
Mufti Taqi Usmaani is a brilliant Alim of repute and standing.
Currently there is no such thing as 'Islaamic Banking'. If the bank purchases an item, puts on its profit, re-sells to client then that is permissible.
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Answered on November 15, 2010 12:00 am