Bank accounts deposits, etc. : interest bank account

Fatawa Question

Assalam 'Alaykum Wrahmatullah respected Shaikh, May Allah SWT have mercy on you and your family ? Forgive me for taking your time Shaikh I have two questions if you may plz answer them InSha’Allah. Firstly, I cooked a lot of meat for a party but later on cancelled it. So my mother asked me to give all that cooked meat to her and in exchange she will give me uncooked less amount of meat. She insisted that she wants to give it to me in exchange of the cooked meat. I agreed to her wish but later I wondered if this exchange was Riba ? I basically gave cooked and prepared meat to her in exchange of uncooked lesser amount of meat. Is that Riba ? Please advise. Secondly, when I was very young in my home country the government devised a scheme in which they encouraged parents to deposit 500 rupees per month for five years. If the parents do so the government will pay an amount every month for the child till the child is 18 years of age. Hence my parents did it for myself and my siblings. Now, since I am more than 18 and no longer live in my home country the money is lying there in my account and my parents can take it only if I sign a paper authorizing them to take it. My father tells me that this money that is lying in the account is basically the principal amount that my father deposited every month for five years. So he says it is not interest money but the money that he initially gave to the government. My question is should I sign such authorization because initially the government was paying an amount on it which I don’t know was interest or not. I don’t doubt my father claim that the money lying in is the money that he gave to the government for five years but I don’t know if it is Islamically lawful to sign such authorization. Please Shaikh advise. I do not want to deal with Riba / usury. Jazakallah Khayr for your time Wa ‘Alaykum Assalam

Fatwa

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Publication Date

2010-11-23

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Bank deposits
• Usury
• Bank accounts
• Payments

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-730431

• APA
• MLA
• AMA