Are FNB Islamic Investments Accounts Halal?

Answered by Shaykh Muhammad Carr

Question

Are the FNB Islamic Investment accounts halal and how are profits generated?

Answer

In the Name of Allah, the Most Merciful and Compassionate.

Thank you for your question.

FNB Islamic Investment accounts are halal. All shari‘a-compliant products at FNB are reviewed, supervised, monitored, and approved by their Shari‘a Advisory Board. An updated shari‘a-compliant certificate signed by the board members is sufficient proof of compliance.

FNB Shari‘a Advisory Board

The people behind the compliance are:

• Dr Aznan Hasan, Professor of Islamic law at the International Islamic University of Malaysia. Deputy Chairman of the Shariah Advisory Council of the Malaysian Securities and Exchange Commission and served as a member of the Malaysian Central Bank (Bank Negara) Shariah Board.
• Mufti Zaid Haspatel, Senior lecturer and Islamic finance specialist at Darul Ulum Zakariyya, holds various shari‘a board positions in financial institutions in South Africa.
• Ml Yusuf Patel, Secretary General of the United Ulama Council of South Africa (UUCSA), Jamiatul Ulama Mpumalanga, and the Chairman of the South African National Halal Authority (SANHA).

Profit Generation

Islamic Investment Accounts typically generate profit through shari‘a-compliant trading activities such as Mudaraba; FNB will share this profit with you according to the profit share split: for example, 60 (sixty) percent goes to FNB Islamic Bank and 40 (forty) percent goes to the depositor.

I pray this is of benefit and Allah guides us all.

[Shaykh] Muhammad Carr
Shaykh Muhammad Carr actively serves on Shari‘a Compliance Boards

Shaykh Muhammad Carrhas dedicated his life to studying and transmitting our beautiful deen. His studies have taken him around the globe, where he has benefitted from many luminaries. Under the guidance of his teachers – Shaykh Taha Karan, Shaykh Yaseen Abbas, Shaykh Muadh Ali, and many others – Shaykh Muhammad has grown to appreciate the beauty and benefits of diverse scholarship. He completed his memorization of the Qur’an at Dar al-Ulum Zakariyyah in September 1997 and received an Alimiyya Degree in 2006 from DUAI (Darul Ulum al-Arabiyyah al-Islamiyyah). He is also affiliated with Masjid Auwal in Bo Kaap, Cape Town (the oldest mosque in South Africa), where he serves as a co-imam, and Dar Al-Safa, where he has taught since 2018. As a teacher, he imparts the wisdom of our heritage and tradition by opening the door for students. As an imam, he has the unique opportunity to serve his community in daily life. 

In addition to his roles as a teacher and imam, Shaykh Muhammad Carr has contributed significantly to the administrative and advisory aspects of Islamic institutions. Since 2023, he has served as the Administrative Director at The Imam Kurani Institute, contributing to the institution’s growth and development. He continues to pursue traditional Islamic Sciences, possessing a keen interest in Islamic Contract Law and Finance. Shaykh Muhammad has been a Shariah Board Member for Islamic Asset Management & Insurance Companies since 2001, aligning financial practices with Islamic principles.