Status of Guidance Financial Group Scheme

By Mufti Taqi Usmani
Posted: 19 Jamad-ul-Awwal 1424, 19 July 2003

Albalagh Note: We have received a large number of queries about the status of Guidance Financial Group - a non-riba based lending institution located in Falls Church, Virginia. Readers wanted to know whether Mufti Taqi Usmani has actually approved their scheme. Here is the statement issued by Mufti Taqi Usmani.

Statement: After a great deal of discussions and amendments brought in the scheme of Guidance that lasted for about two years we have finally issued the Fatwa in favor of the lawfulness of the Scheme. We have also mentioned in the Fatwa the basic principles underlying the Scheme. I have heard that some people have objections to the Scheme. If so, they should mention the specific clauses of the agreements to which they have objection from the Shariah standpoint, and we will certainly look into it. But objections of general nature without studying the agreements are not worth consideration.