Deposits in conventional and Islamic banks : taking a monthly fixed amount from the bank on deposit

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, First of all, I would like to define my situation and then go for the question. My name is Salman. I was born in Pakistan in 1980 but I lived in Saudi Arabia for 17 years and spent my childhood there with my family. We came back to Pakistan in 1998 after my father took retirement. My father brought all of his earnings with him. He had the amount in US dollars. He deposited them in a bank in Pakistan. He never went for interest. He always withdrew some dollars from his account and converted in Pak Rupees according to the rates by the State Bank which fluctuate. He didn't have any job or business in Pakistan. He was old and sick (He was diabetic). He had worked in Saudi Arabia for nearly 30 years. So this was his retirement period. Things went the same for 7 years. He withdrew the dollars from his non-interest based account and it was converted in Pak Rupees for spending. After his death, the court decided to distribute the amount according to Shari’ah among us. It was distributed among my mother, 3 sisters and me and in Pak Rupees. At the time of death of my father, we (brother and sisters) were still in school or colleges. My mother was treated for cancer in 2004 and the process continued through 2005 too. My father didn't worry for himself. He tried his best. But Allah had something else for him. He passed away on 20th Ramadan, 1426 corresponding to 25th of October, 2005. I was unaware of the workings of banks and institutions in Pakistan since I spend my childhood in Saudi Arabia. I never went to any bank when my father was alive. My cousin helped us to put that money in a scheme in national saving center of Pakistan which gives us a monthly fixed amount for living since he knew that we had no jobs or other modes for living. I completed my education in early 2006 but I am still jobless! I have responsibilities over my shoulder. I have 3 sisters whose marriages are my responsibility and a sick mother who had Cancer. What am I supposed to do ? Is this amount which I take now from the bank is permitted for me and my family ? I have no where else to go. I can't take any risk since I have no experience of doing any kind of business. Mostly the people around us are greedy. I can't trust them for any kind of business. My father never trusted such people so that's why he never invested his earnings in Pakistan. What should I do? I want to be a good Muslim. I have read about Riba now and it worries me. I plan to take out all amounts to free it from interest if I get a descent job that would allow me to support my 3 sisters, their education and marriages and my mother. Even my cousin who helped us out is a student in a university. He and his mother are living the same way as we are now. His father died 2 years ago. I am 26 now and I am not married. Even though I have done MBA ? Marketing, I remain jobless. My Résumé?s are everywhere but nobody has called me so far. And if anybody calls, they offer so much less that I can hardly spend it on my family. I worry for my sisters and mother. Sometimes I feel that I will not be forgiven. I am telling you the truth. I can't trust anyone here. Considering these facts, please tell me what should I do ? May Allah show us the right path. Aameen ! Azakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2006-10-29

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-787791

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