Q. Islamic banking is according to Sharia or not? Their products like Mudarba, Musharka, Ijara and Takaful are really RIBA-free (without interest).
A. Islamic Banking is in accordance to the Shariah, and all its products are free from riba (interest). However, at times those who are in charge of the running affairs of the bank may not be competent in the laws of Islam, and may make mistakes regarding certain products and transactions. This is why it is necessary that every Islamic Bank, recruits a competent Shariah Advisory Committee with Islamic Scholars who are versed in the area.
And Allah knows best.
Mufti Waseem Khan