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Keeping one’s money in the bank

Answered according to Hanafi Fiqh by Muftionline.co.za
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Q:

1) What types of banking accounts are acceptable. In terms of a savings account, would it be permissible to deduct the amount of interest earned from the total balance.

2) Per A is of the view that having a bank account is haraam due to the interest earned on the account. However person A wishes to use the banking details of person B for his own benefit e.g. taking a cell phone contract using person B’s banking details. Outwardly it seems that person A is OK with taking benefit from person B’s haraam bank account but person A himself will not open a bank account because in his view it is haraam. Would Mufti saheb please advise.

Bismillaah

A:

1. Keeping one’s money in the bank with the intention of safe keeping is permissible. However one should open a current account so that one does not receive interest. If one has a savings account in the bank, then it is compulsory for one to remove the interest amount and give it in charity without the intention of receiving any reward.

2. The Islamic ruling has been explained above.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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