Deposits in conventional and Islamic banks : investment deposits in Islamic banks
Fatawa Question
Asalamu Alaikum, I found your e-mail on the Islamonline website. I am aware that you have a solid education and experience in Islamic financing, hence the reason for me contact you. alhamdulillah Allah has bless me with extra money which I would like to take care of in a Halal way. I currently have a bank account, but it collects a small amount of interest... Maybe $ 0.04 to $ 0.10 a month. With regards to the Shari'ah do I find a bank that can give me 0 % or can I keep the account which I have and spend the interest earned for the poor and needy ? I have received a Fatwa that says it is permissible to take the interest and give it away to the poor... But I do not feel that this is correct. What is the opinion of the scholars. Jazak Allahu Khairan
Fatwa
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Publication Date
2006-08-20
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-787793
American Psychological Association (APA)
Qahf, Mundhir. 2006-08-20. Deposits in conventional and Islamic banks : investment deposits in Islamic banks. .
https://search.emarefa.net/detail/BIM-787793
Modern Language Association (MLA)
Qahf, Mundhir. Deposits in conventional and Islamic banks : investment deposits in Islamic banks. 2006-08-20.
https://search.emarefa.net/detail/BIM-787793
American Medical Association (AMA)
Qahf, Mundhir. 2006-08-20. Deposits in conventional and Islamic banks : investment deposits in Islamic banks.
https://search.emarefa.net/detail/BIM-787793