IslamQA
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Question
Is Amaanah financing from HSBC valid in the light of the Qur’aan and Sunnah?.
Answer
Praise be to Allah, and blessings and peace be upon the Messenger of Allah:
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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