Amaanah financing from HSBC

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As-Salaamu-Alaikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked this question:
Is Amaanah financing from HSBC valid in the light of the Qur’aan and Sunnah?.
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Praise be to Allaah.

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.


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.

Whatever written of Truth and benefit is only due to Allah's Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.

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