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Opening a seven day investment account in a bank

Answered as per Hanafi Fiqh by Muftionline.co.za

Q:

1. A person keeps a large amount of money in a bank’s ‘7 day investment account’ so that the money is safe and can only be removed with 7 days notice. With all the fraud and Internet banking robbery taking place, will this be permissible?

2) The interest accrued from this money, can it be used to pay government taxes, vat, import tax, speed fines and the like?

Bismillaah

A:

1. If it is only for safekeeping without taking any interest then it is permissible.

2. Some ulama have allowed this. The safest is to give this to some poor deserving person without the niyyat of thawaab.

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

Answered by:

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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