Massallah pertaining to islamic assets finance

Question ID: 24880

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 ?

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Asked on November 15, 2010 12:00 am
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