Question Summary:
Is FNB Islamic Finance Shari’ah Compliant?

Question Detail:

After receiving this email, I am left in turmoil regarding my banking connection with FNB, my husband and I are both FNB Islamic cheque accounts. Would you please advise what are my options as far as Islamic banking are concerned.

Answer :

Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The Darul Iftaa has only designed the FNB, Car Financing Product. The FNB, Car Financing Product is Shari’ah Compliant as long as no alterations, additions, etc are made to the original contract.
You should write to FNB Islamic Finance and ask them to confirm to you in writing if the product designed by the previous Shari’ah Board is as was or is it changed.
We cannot comment on the other products of FNB, Islamic Finance Division as they are not designed by the Darul Iftaa.
And Allah Ta’āla Knows Best
Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.