Main motive for establishing the first Islamic investment bank in Malaysia

Fatawa Question

My husband and I are less than well-to-do so we just manage to pay our bills. We also help our daughter go to college. Abo-Samir dreams of going to Hajj. I think that if we had a dedicated savings account we could save for such a trip, but we don't want to open a typical USA bank savings account because they earn interest. If we eventually were to open this kind of account, we will not want the interest it earns. What is the best thing to do ? Open one ? Not open one ? And if we do, what do we do with the interest ? We would want to give it away in a Halal manner so that our Hajj money would be Halal. So what is the best thing to do with this interest ? Saving money is the only way we could do this as we have no rich friends or relatives that would give such a wonderful gift, nor would we expect it.

Fatwa

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Publication Date

2003-01-03

Main Subjects

Financial and Accounting Sciences
Religion
Law
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Financial transactions
• Interest
• Malaysia
• Usury
• Savings accounts
• Islamic Banks

Data Type

Fatawa

Language

English

Record ID

BIM-724578

• APA
• MLA
• AMA