Is It Permissible To Invest With Gatehouse Bank?

Fatwa ID: 09180

 

 

Answered by Muftiyah Humairah Badshah

 

Question:

 

Assalam ualaikum

I hope your in the best of health and imaan

I wanted to enquire if it’s permissible to do investment in this company

They say they are shariah compliance

I hope to hear from you

Jzk

 

https://assets.gatehousebank.com/production/downloads/31-Day-Notice-Account-Key-Product-Information.pdf?dm=1710181846#:~:text=Your%20profit%20is%20calculated%20daily,out%20in%20the%20Terms%20%26%20Conditions

 

 

In the name of Allah, the Most Gracious, the Most Merciful

 

Answer:

 

Investing with Gatehouse Bank is permissible.

 

Based on the information provided here as well as publicly-available information provided by Gatehouse Bank, it appears that their savings and investment services are fully Shariah-compliant and therefore permissible to use.[1]

 

Their investment information specifically notes its avoidance of impermissible transaction elements such as interest as well as investment in impermissible industries, which are the common problems with non-Shariah investments.[2] They also mention that they have a qualified Shariah board including members of AAOIFI (a trusted organisation in Islamic finance), which supports the idea that these investments are fully Shariah-compliant.[3]

 

 

Only Allah ﷻ knows best.

Written by Muftiyah Humairah Badshah

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham

 

 

References:

 

[1]

https://assets.gatehousebank.com/production/downloads/31-Day-Notice-Account-Key-Product-Information.pdf?dm=1710181846#:~:text=Your%20profit%20is%20calculated%20daily,out%20in%20the%20Terms%20%26%20Conditions

https://gatehousebank.com/personal/savings

 

[2]

https://gatehousebank.com/personal/savings/savings-faqs

 

ذَكَرَ الرِّبَا، لِأَنَّ فِي كُلٍّ مِنْهُمَا زِيَادَةً إلَّا أَنَّ تِلْكَ الزِّيَادَةَ حَلَالٌ، وَهَذِهِ حَرَامٌ

…

تَعْرِيفُ رِبَا الْفَضْلِ، لِأَنَّهُ هُوَ الْمُتَبَادَرُ عِنْدَ الْإِطْلَاقِ، وَلِذَا قَالَ فِي الْبَحْرِ فَضْلُ أَحَدِ الْمُتَجَانِسَيْنِ. نَعَمْ هَذَا يُنَاسِبُ تَعْرِيفَ الْكَنْزِ بِقَوْلِهِ فَضْلُ مَالٍ بِلَا عِوَضٍ فِي مُعَاوَضَةِ مَالٍ بِمَالٍ

فَإِنَّ الْأَجَلَ فِي أَحَدِ الْعِوَضَيْنِ فَضْلٌ حُكْمِيٌّ بِلَا عِوَضٍ، وَلَمَّا كَانَ الْأَجَلُ يُقْصَدُ لَهُ زِيَادَةُ الْعِوَضِ كَمَا مَرَّ فِي الْمُرَابَحَةِ صَحَّ وَصْفُهُ بِكَوْنِهِ فَضْلَ مَالٍ حُكْمًا

Radd Al-Muhtaar (Halabi ed., Daar Al-Fikr, https://shamela.ws) v.5 p.168

 

عَنْ جَابِرٍ، قَالَ لَعَنَ رَسُولُ اللَّهِ صلى الله عليه وسلم آكِلَ الرِّبَا وَمُوكِلَهُ وَكَاتِبَهُ وَشَاهِدَيْهِ وَقَالَ هُمْ سَوَاءٌ ‏

Sahih Muslim (https://sunnah.com) b.22, ch.19, no.132 (1598)

 

[3]

https://gatehousebank.com/about-us/our-team/shariah-supervisory-board

https://aaoifi.com/about-aaoifi/?lang=en