Opening interest-based account : getting interest from banks
Fatawa Question
My Muslim friend tried to convince me that collecting the interest paid by the bank on our savings account is permissible for us, saying that this was exactly like a business transaction similar to investing in the stock market. The bank is using our money to invest in various places and we are shareholders in the profit made thus. It is only Haram if we are lending money to someone and collect more money in return. What is your ruling on this ?
Fatwa
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Publication Date
2002-03-11
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-725828
American Psychological Association (APA)
Qahf, Mundhir. 2002-03-11. Opening interest-based account : getting interest from banks. .
https://search.emarefa.net/detail/BIM-725828
Modern Language Association (MLA)
Qahf, Mundhir. Opening interest-based account : getting interest from banks. 2002-03-11.
https://search.emarefa.net/detail/BIM-725828
American Medical Association (AMA)
Qahf, Mundhir. 2002-03-11. Opening interest-based account : getting interest from banks.
https://search.emarefa.net/detail/BIM-725828
