HI I Am curious to know , why Gatehouse has not been reviewed by IFGs own Mufti , mufti faraz ?
I find it surprising for a bank that has been around for so long yet no one external has reviewed it .
Assalaamu alaykum,
Gatehouse Bank has a Shariah board in place. You may follow their view and fatwa, and benefit from their product if it suits your requirements.
Salam Mufti Sb,
I really trust your verdict. I know that you approve Al Rayan bank for home purchase as being shariah compliant. Do you personally also approve Gatehouse bank as being shariah compliant? Jazakallah khayr.
from what I understand these banks provide the best possible halal option in the current “corrupt” interest based financial system that the whole worlds finance system uses and relies upon .
Really the whole system needs reforming in to be halal .
if you will look around and read some article on IFG there are always 2 sides to an opinion . some will agree its halal , some will disgree . Which makes it very confusing for us layman who are not professional on the topic .
some will disagree with the shariah compliant loans charging “late fees” and in the event when the tenant misses a payment on a buy to let , if they are in a partnership the bank should take the risk but in todays climate this is just not possible.
i am very new looking into this field this is just my last few months input from looking into the subject , others please give some input
Wa alaykum salaam,
Yes, Gatehouse Bank is also Shariah compliant and has been reviewed by competent Shariah scholars.
Allah knows best
Jazakllah khayr Mufti sb for replying, really helps me. Wassalam.