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Interest based saving scheme

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: My father has passed away and since I have no brother, the only source of income for my mother is the monthly payment that comes against the amount deposited in the saving scheme. As it is an interest based scheme, is it permissible for her to use such earnings for all her needs? She is over sixty.

Bismillaah

A: It is permissible for her to use the amount deposited by your father, however she should avoid using the interest amount.

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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