What to do with earned interest : interest earned on depositing money in western institutions

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, I have been residing in the western world for over 20 years. Meanwhile I have saved a substancial amount of money which is considered my savings for later age. As you know there are no Islamic banks and institutions to deposit the money so I had to deposit it in a western financial institution. In doing so I have to either take or deny interest which already I deny. If we bank our money in western institutions for a long period of time without acquiring interest we therefore loses its value (purchasing power). Furthermore, many of us do not invest such money in business because simply we do not know how to do so. Also we are unable to deposit them in a Muslim financial institution to get Halal profit so what is our choice !!

Fatwa

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Publication Date

2007-01-09

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-785782

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