What is the ruling on working in Bank al-Bilad which is going to be established shortly? I know from a source in the Saudi Arabian Financial Institution that all the transactions of this bank will be Islamic, but it will not be called an Islamic bank.
Praise be to Allah.
Firstly:
The Financial Institution is to be commended for its keenness to establish a bank whose operations are run in accordance with shar段 rulings. We ask Allah to help them to do that which He loves and is pleased with.
Secondly:
If the operations of the bank are run in accordance with Islamic guidelines, there is nothing wrong with working there, even if it is not called an Islamic Bank. But if its operations are based on riba in lending and borrowing, or other haram things, then it is not permissible to work there even if it is called an Islamic bank. What matters is what really happens, not mere names.
The shariah council of the bank has issued a statement which suggests that the Bank al-Bilad will submit to a shar段 policy which requires it to show all its operations to the shariah council, and to abide by the council痴 decisions; the banks operations will be overseen by a shar段 committee. The shar段 policy of this bank states that the bank is committing itself from the outset to applying shariah in all its operations.
This is a good sign, praise be to Allah. We ask Allah to bless them and help them. You can also get in touch with the members of the shar段 committee to find out more and put your mind at ease.
And Allah knows best.
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