Is HBZ Bank which is a subsidiary of Habib Bank an Islamic bank?

Answer

"Shariah Compliant" is a new expletive which the riba-hungry Muslim capitalists have coined to dupe the ignorant Muslim public. The fundamental principle which Muslims should always remember in order to save them from the filth and curse of riba is that there is no such creature as 'shariah compliant'. All capitalist banks, be they so-called 'Islamic' banks are conventional riba banks which mislead stupid Muslims with high and holy sounding Islamic terminology such as muraabaha, mudhaaraba, mushaaraka, etc. All their dealings are heavily impregnated with riba, insurance and uqood-e- faasidah/ baatilah (corrupt and invalid transactions).

While so-called 'Islamic' banks such as Albarakah, are at pains to conceal their riba dealings and deny involvement in riba, HBZ shamelessly and flagrantly indulges in riba. It does not conceal its flagrant interest transactions. If a Muslim is constrained to operate a banking account for conducting his day to day buisiness, it is infinitely better to open an account in a non-Muslim conventional bank rather than in a bank such as HBZ.

Darul Uloom Zakariyyah has rendered the Ummah one of the greatest acts of disservice by halaalizing this riba bank on which the Qur'aan declares war. Allah Ta'ala has, in the Qur'aan Majeed, issued an ultimatum of war against HBZ and all institutions of riba. It truly boggles the Islamic mind, nauseates the Islamic conscience and jars one's Imaan to read in the brochure that an institution such as Darul Uloom Zakariyyah which is supposed to uphold the Shariah and discharge the obligation of Amr Bil ma'roof, sanctioning and halaalizing riba. In so doing, it has degenerated to a sub-SANHA-MJC level. Halaalizing a riba institution is worse than halaalizing a haraam chicken-carrion producing plant.

We call on the Darul Uloom to withdraw its halaal certificate from HBZ Bank which is a flagrant institution of riba. It is Waajib for Muslims to discontinue operating accounts of any kind, even current account, in HBZ Bank. The lesser of the evils when compelled to operate a banking account, is a non-Muslim conventional bank.

The function of the Ulama is never to promote the financial interests of entrepreneurs especially such institutions which are soiled with riba and which reek of the stench of haraam.