1. Is opening a ‘Shariah-compliant’ savings account at a bank or at an ‘Islamic’ Bank with the sole intention of the bank safekeeping your money permissible if one intends to give all ‘profit’ earned in charity?
2. If one already has an investment account at an ‘Islamic’ Bank that claims to follow a Profit-and-Loss mode of financing, what should one do? Should we close down the account?
3. Is it against taqwa to save/invest money for the future?
4. What are the permissible means if one wishes to save/invest?
1 – 2. In whichever bank you wish to keep your money for safekeeping, you are not sure how they will use your money, whether it is a so called Islamic bank or a conventional bank. From the experience that we have, both don’t have Islam at heart. They do have money at heart. Wherever money moves they will move in that direction. However, because there is no other alternative for saving one’s wealth, the ulama have allowed the use of a bank.
3. No. In fact, it is encouraged. Look at the statement of Sufyaan Thauri (rahimahullah) where he said: “ًWealth was detested by the pious of the past, but nowadays, it is a shield for a mu’min.”
4. Perhaps a businessman or an accountant will be in a better position to advise you. He will be able to tell you what is halaal and haraam.
And Allah Ta’ala (الله تعالى) knows best.
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.