Renowned Pakistani scholar Mufti Taqi Usmani has recently declared that earning profits from deposits in banks is halal (permissible) under Islamic law.
This announcement comes amid ongoing debates regarding the Shariah compliance of Islamic banking practices in Pakistan.
Traditionally, earning interest from bank deposits is considered haram (forbidden) in Islam, leading to outrage over this declaration.
Islamic banks in Pakistan have faced skepticism regarding their adherence to Shariah principles. Concerns have been raised about the rigor of Shariah compliance audits and the effectiveness of external oversight.
Some Islamic bankers and Shariah advisors have expressed doubts about the extent to which these banks truly follow Islamic guidelines. This issue is compounded by a lack of stringent external audits and a fully developed legal framework for Islamic banking in the country.
Many customers opt for Islamic banking due to their religious beliefs, trusting that the banks ensure Shariah compliance. However, the regulatory framework for Islamic banks is a copy of conventional banks, limiting their ability to fully implement Shariah-compliant practices.
Despite these challenges, Mufti Taqi Usmani supports the Islamic banking system, even in the absence of stringent cross-checks of the compliance process. This support is visible on the websites of some Islamic banks, such as Meezan Bank, which prominently features Usmani as their advising scholar.
The press conference where Mufti Usmani made these declarations was highly publicized and criticized on social media, with accusations of bank sponsorship amid declining deposits in Pakistani banks, especially Islamic ones.
During the press conference, Mufti Usmani also expressed support for Palestine and criticized the United States for backing Israel. He warned that if Israel succeeded, it might extend its territory up to Madinah.
Additionally, he criticized Middle Eastern countries, including Saudi Arabia and the UAE, for not playing a more active role in mediating the Gaza-Israel conflict. Usmani also condemned the Pakistani government for not doing enough in this regard.
Support independent Islamic website.
Support our mission to spread Islamic knowledge. Your donation helps our volunteer writers and infrastructure. Contribute now.
This post was last modified on July 22, 2024 2:08 pm
From the sacred pulpit of the Prophet's Mosque, he emphasized that celebrating the Prophet's birthday…
Updated Imam schedule for Grand Mosque and Prophet's Mosque.
Surah Quraish (Surah 106 of the Quran) is a short yet profound chapter that emphasizes…
Surah Al-Maun, also known as "The Small Kindnesses," focuses on the importance of faith being…
Surah Al-Kafirun is a powerful chapter in the Quran that focuses on the distinction between…
Surah Al-Kawthar, the shortest chapter in the Quran, carries profound messages and lessons despite its…
View Comments
He is crazy that's all I would say. Because of these fake mulas country is going to downfall, also they can recite the holy Quran but not knowing the translation of what it means. Only they can do is make things terrible, also qayamah will not come till there will be too many firqas will establish and they fight with each other like a cat and dog. This is what's going in Pakistan.