Investing into Fix deposit.

Answered according to Hanafi Fiqh by
Can I put my money in to fix deposit for certain period rather than in saving account in order to get more interest? My intention is only to use interest money for paying income tax.

بسم الله الرحمن الرحيم

(Fatwa: 1175/887/B=1434)

If you deposit your money in fix deposit in order to get more interest it is a kind of initiative to get interest. It is not lawful for a Muslim to do so. You may use the interest amount received in your saving account to pay your income tax. Do not attempt to get more interest.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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