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Profit from a savings account

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: Savings account is halal or haraam when profit are not given at fixed rate?


A: The conventional banks nowadays term interest as profits. The changing of a name does not make the money halaal.

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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