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Is earning interest from a savings account haram?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Assalamu alaikum. I’m working as Engineer. I get my salary in cheques only. So I must compulsorily have savings account. The bank will earn me an interest at the rate of 3.5% compounded half yearly. Whether this earnings is haram? If yes, what is solution for me? Please guide me…


(Fatwa: 1692/1219/L=1431)

The 3.5% extra amount that the bank gives is interest. It is not lawful to use it for oneself. This amount should be given in charity to the poor and needy ones without the intention of reward.

Allah (Subhana Wa Ta’ala) 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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