Fatwa Committee: Banks' Consumer Loans Are Halal

date 2017/06/05 views 288 comments 0

icon-writer Imane Aouimer/English version: Dalila Henache

Fatwa Committee of the Ministry of Religious Affairs and Endowments took a decision about the "sedition" that followed the agreement that was concluded with Al Baraka Bank on May 21, for the benefit of imams and employees of the sector from consumer loans for the purchase of cars and electrified products.

It said that the sale by Murabaha for the purchase order is true and legitimate, which is the fatwa of most scholars and that was approved by the Fiqh Jurisprudence.

Religious Affairs Ministry published a clarification on the sale with Murabaha for the purchase order, a fatwa that was prepared by the Fatwa Committee, which copy is available to Echorouk, and stated that the Murabaha sale contract for the purchase order, as performed by the Islamic banks and financial institutions, is one of the modern contracts that are part of the Murabaha contract, which was adopted by the Islamic banking institutions and which spread in many countries, including Algeria, as some banks adopted it and offered their services to citizens.

"Recently an agreement between the Ministry of Religious Affairs and Al Baraka Algerian Bank was signed, for the benefit of employees of the religious affairs sector, including imams and others for the acquisition of some products by the method of approval of the Shariah, but there is an objection to this contract because it is acted under the prohibition that is based on the set of evidence".

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