Keeping money in banks

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I would like to know whether we can do savings of money to buy a house or keeping extra money in bank is not good and one will be accountable for it before Allah Ta’ala?

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A: In contemporary times, since it is difficult to secure and protect one’s wealth in one’s home, business, etc. we are allowed to keep our wealth in banks for safekeeping provided one does not get involved in interest or use the interest that accrues through his wealth. Hence it is permissible for you to save the money in the bank in order to purchase the house. 

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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