Is Islamic banking halaal?

“We do not find the workings and operations of Islamic banks to be consistent with the principles of shariah in regard to commerce and trade. Hence, we feel that the manner in which Islamic banks operate is not shariah compliant, and thus the so-called "profits" which they are giving their clients are not halaal.”

“The HBZ Shari’a banking system is Shariah compliant and has been checked and approved by Mufti Ebrahim Desai Saheb. You may use the Shari’a banking services provided by HBZ Islamic bank.”

“The Darul Ifta does not approve of FNB Islamic Banking and their investments, as we are not aware of their modus operandi. We therefore advise that the profits earned through such investments must be given out in charity to a poor person that is eligible to receive Zakaat without the intention of any reward.”

“At the outset, it is essential to understand the operational system of the Sharīʿah-compliant banking windows which are offered by banks. Initially, banks operated solely as commercial banks.”