Q: I want to apply to study in Canada and for this purpose I need a GIC certificate. A GIC is an account which I will open in a Canadian bank to show that I can bear their living expenses. When I go to Canada, they will refund me my funds within a given period of time along with interest. As a Muslim, interest is completely prohibited in Islam. What should I do?
A: Tell them that you do not want the interest amount. In the event you are forced to accept the interest amount, then make istighfaar and give the interest amount in charity to the poor without the intention of receiving any reward.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)