QUESTION:
Please advise if the Islamic products such as “savings pocket” and “fixed deposit” offered by various banks, are permissible? One specific product offered by FNB is “Islamic Money Maximizer” that many Muslims are investing in, and that I personally know of, which is giving a return of 8.5%. An individual that I personally know, has also invested and is also an advisor to the FNB Islamic board, has suggested this product to me.
ANSWER:
We are not fully aware of the modus operandi of the investments in question, thus making it difficult for us to comment. However, the Hadith states, “Leave those things that put you into doubt and opt for those things that are free of doubt.” The fact that you are querying these investments indicates that you are in doubt, hence we advise that you refrain from such investments.
ALLAH TA’ALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST!
ANSWERED BY:
Mufti Mohammed Desai
Date:- 16 Rabi-ul-Awwal 1445 / Date: 02 October 2023
