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Saving in an Islamic Bank: Permissible or Not?

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: Is it permissible to saver money in a savings account in an Islamic bank? We are only using the actual money which we have saved. Whatever savings profit we receive from the bank, e.g. 2% etc. will be given to the poor


A: On account of some unpleasant experiences we have had with these banks we no more consider them to be Islamic.

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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