Many questions continue to arise regarding the practice of Islamic banking and takaful (Islamic insurance), particularly around products and services related to deposits, lending, and investments without interest (riba).

Among Muslims, there is also an additional concern about working in conventional banks and insurance companies involved in interest-based transactions, a practice clearly prohibited in Islam.

This section aims to address frequently asked questions reflecting some of the most common concerns related to the practices of Islamic banking, takaful (Islamic insurance) and Islamic investments, accompanied by the Institute’s explanations and perspectives.

Click on a topic of interest to explore frequently asked questions issues reviewed by IIBI.

• Islamic Banking & Finance

• Islamic Mortgages

• Islamic Credit Cards

• Foreign Exchange and Derivatives

• Investing in the Stock Market

• Takaful (Islamic Insurance)

• How Transactions and Investments are Approved as Being Islamic

• Ethical Finance in Other Traditions

• Muslim Concerns About Working in Conventional Finance and Insurance

Those seeking a detailed opinion on a specific issue are encouraged to consult a qualified Islamic (Shari’ah) scholar with expertise in Islamic banking, finance and insurance (takaful), as individual circumstances and interpretations may vary.

Reach out to organisations that promote standards in Islamic banking, finance and takaful, which maintain advisory boards of qualified Shari’ah scholars:

• Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain
• International Islamic Fiqh Academy (IIFA), Saudi Arabia
• Islamic Financial Services Board (IFSB), Malaysia

Reach out to Islamic banks and Islamic insurance companies.

There are also several respected Shari’ah scholars and institutions that provide guidance through verified platforms:

• Islamic Finance Stack Exchange (community-based, moderated)
• AskImam.org (Mufti Ebrahim Desai’s Darul Iftaa)
• Dar al-Ifta al-Misriyyah (Egypt’s official fatwa institution)
• IFG (Islamic Finance Guru) – practical, UK-based resource with Islamic (Shari’ah) scholars and legal advisors

Make sure the Shari’ah scholar has a background in both Islamic jurisprudence (fiqh) and modern financial systems.