Are saving accounts in the UK permissible

Answered according to Hanafi Fiqh by DarulIftaBirmingham

I want to ask that opening saving account in UK is permissible or not because I’ve heard some scholars allow it.

In the name of Allah, the most Beneficent, the most Merciful.

Answer

Ideally, one should protect his money in a safe place and try not open an account with a bank which entails the taking and giving of interest.

In the Holy Quran Allah (SWA) has said:

“Allah has permitted transactions and has forbidden riba” (Surah Al Baqarah v.275)

The Prophet of Allah (Sallallahu Alahi Wasalam) has cursed the person who takes interest, who gives interest and who writes it and who witnesses it.” (Mishkaatul-Masabeeh p.244 v.1)

“To take dirham of interest knowingly is worse than committing adultery 36 times.” (Mishkaatul-Masabeeh p.246 v.1)

However, if out of necessity, one has to open up a bank account, then one should open an interest-free account. If that is not possible and one opens an interest based account then one should dispose of the interest money by giving it to the poor without the intention of reward. (Raddul Muhtar p.553 v.9 & Fatawa Mahmoodiyah p.200 v.4)

Only Allah Knows Best

Mohammed Tosir Miah

Darul Ifta Birmingham

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