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Interest in a savings account given to me

Answered according to Hanafi Fiqh by Fatwaa.com

When I was born my parents made me a savings account and put money in it up until a few years ago (it’s meant to be for a car or university I think) , I believe this savings account has interest and I’m not sure what percentage of it is interest and what is actual money , so now I’m unsure on whether I can use any of this money.(my parents are non-muslim)

Answer

Wa’alaykum as Salam wa rahmatullahi wa barakatuhu,

It is only permissible for you to take the initial amount that was placed in the account. All the interest will be Haram. You should give the surplus in charity, without the intention of reward.

The bank will have records of the initial amount, and all the interest accrued.  You may request a full statement from them.

And Allaah Ta’aala knows best

Wassalaam,

Ismail Moosa (Mufti)

This answer was collected from Fatwaa.com which is an excellent Q&A site managed by Mufti Ismail Moosa from South Africa. .

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