Is Amaanah financing from HSBC valid in the light of the Qur’aan and Sunnah?.


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.

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.