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
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.
