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I am trying to save some money so that I can buy a house. Until I have enough money to buy a house, should I keep this money in a interest-free bank account or interest-bearing bank account?

Answered according to Hanafi Fiqh by Askimam.org

I am trying to save some money so that I can buy a house. Until I have enough money to buy a house, should I keep this money in a bank account where there is not interest is paid or keep it in a account which pays some interest which can be given to some needy person without any thawab. If I don’t get this interest, bank will keep this and can use in any way they like. If I get this interest, I can help somebody or some cause with this interest. Can this be also applied to monthly expense account? Jazak Allah Khair.

Answer

We advise you invest the money in an Islamic avenue and obtain profits which
will be Halaal for you.

and Allah Ta’ala Knows Best

Mufti Ebrahim Desai
FATWA DEPT.

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This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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