There are about six Islamic banks working in Pakistan. Some are Pakistani and rest are of different Islamic countries like Dubai, Abu Dhabi, Bahrain, Saudi etc. they tell that their business is looking after by a board of ulema and their business is all Islamic. They announce their profit every month.I want to ask whether it is allowed making investments in fixed accounts of these banks.
You are allowed to invest in a business venture about which your conscience is clear that it is acceptable to Islamic teachings. Your conscience can be clear because either you feel confident on account of your understanding which you have reached directly by reading Qur'an and hadith or through a scholar who convinces you that the business opportunity is halal or you rely on a scholar's opinion who says that the opportunity is halal. The second possibility should only be employed if you are incapable of reaching a conclusion on the basis of the first one.
My understanding is that Islamic banking is only partly acceptable from an Islamic perspective. This form of banking relies heavily on two products: leasing and murabaha. While leasing is an Islamically acceptable mode of financing, we believe, murabaha is not.
The shari'ah advisers of Islamic banks consider both products Islamically legitimate.
You should find out why we believe murabaha is unacceptable and why other scholars believe otherwise. You have a right to accept the point of view that appears Islamically more valid. If you find yourself unable to decide, you should decide in favour of the opinion you think is supported by the scholars you consider more reliable.