Q:
1. A person keeps a large amount of money in a bank’s ‘7 day investment account’ so that the money is safe and can only be removed with 7 days notice. With all the fraud and Internet banking robbery taking place, will this be permissible?
2) The interest accrued from this money, can it be used to pay government taxes, vat, import tax, speed fines and the like?
A:
1. If it is only for safekeeping without taking any interest then it is permissible.
2. Some ulama have allowed this. The safest is to give this to some poor deserving person without the niyyat of thawaab.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)