Mufti Taqi Usmani says earning profit from deposits in Islamic bank is halal

Renowned Islamic scholar Mufti Muhammad Taqi Usmani said that keeping a deposit in an Islamic bank and earning profit from it is completely halal.

This aligns with the principles of Islamic finance, where profits are generated through Shariah-compliant investments, ensuring that all transactions are free from interest (riba) and unethical practices, he added.

Mr Usmani stated that the country is facing numerous problems, including a shortage of foreign exchange, but "imports are not being banned due to IMF restrictions".

"We are slaves to the IMF, and our children are in debt today," the Shaykh-ul-Islam said. 

"I find it difficult to bring the Islamic system through the political system in these circumstances," he added.

The scholar emphasised the need for long-term policies, like think tanks worldwide, and urged government, business community and people to shun imported products, especially from "enemies of Muslims".

"Think about it, why are we slaves to international institutions? We need a movement that refuses to order imported things, especially from enemies who are cutting the throats of Muslims."