Some Banks announce that they are an Islaamic bank

Reference: Fataawa wa Shaykh ‘Abdur-Razzaaq ‘Afeefee – Page 475, Fatwa No.26

Question: Some of the banks announce about themselves that they are an Islaamic bank, and that they do not deal with interest. So is this [announcement] sufficient for us to deposit (our funds) in them or are we obliged to research and confirm the authenticity of their announcement?

Response: It is imperative to confirm [the authenticity of this statement] and research about the bank to ascertain that it does not deal with interest.

He is a graduate of the Islaamic University of Madeenah, having graduated from the Institute of Arabic Language, and later the Faculty of Sharee'ah in 2004. He currently resides in Birmingham, UK.

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