QUESTION:
As Salaam Alaikum,
I am in need of an advice with regards to saving money at a Banking Institution without having to pay interest? I will be grateful if you can sincerely give me an advice.
ANSWER:
Wa Alaikum As Salaam,
Saving your money at a bank does not require you to pay interest. The bank may charge you a monthly or yearly service charge (fee), but this is not interest.
Based on the account you open, if interest accrues on your savings, you must take it out and give it to the poor and needy.
And Allah Knows best
Mufti Waseem Khan
04/10/2017