Is Amaanah financing from HSBC valid in the light of the Qur’aan and Sunnah?.
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12,28517/06/2008
Amaanah financing from HSBC
Question: 102477
Answer
Praise be to Allah, and peace and blessings be upon the Messenger of Allah and his family.
Amaanah personal financing through HSBC is based on tawarruq via the bank (al-tawarruq al-masrafi) as is clearly stated on the bank’s website in English.
See: http://www.hsbcamanah.com/1/2/hsbc-amanah/personal/personal-finance
This is a haraam transaction, because it involves a trick to circumvent the rulings on riba.
The Islamic Fiqh Council has issued a statement ruling that organized tawarruq done via the bank is haraam. We have quoted the text of this statement in the answer to question no. 98124.
And Allaah knows best.
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