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102477: Amaanah financing from HSBC


Is Amaanah financing from HSBC valid in the light of the Qur’aan and Sunnah?.

Published Date: 2008-06-18
Praise be to Allaah.

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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