Bank Archives - IslamQA

Find answers to your Islamic questions 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.

Earning profit from Islamic banks?

Answered by

Q: I am going to retire in the near future. I dont want to deposit my money in any bank due to interest as it is haram. However, there are many Islamic Banks which also give returns on the deposits, though less. My question is, ‘Is keeping money in Islamic Banks and earning a profit… read more »

Receiving interest money

Answered by

Q: If x person doesn’t have a good income in his business and his business is going in a loss. He doesn’t have any other source of income. This x person has a relative who has some money saved in a bank. The bank gave interest to x person’s relative for his money in the… read more »

Disposing of interest money

Answered by

Q: I asked the bank to change my account from profit and loss to current account and stop sending profit to me. They told me that they cannot and told me to make a new account, which I cannot do due some reasons. It is okay if I give the interest money to poor people? A: Yes…. read more »

Profit from a bank

Answered by

Q: The profit which a bank monthly offers against bonds/certificates is halaal or not?  A: It is not halaal. And Allah Ta’ala (الله تعالى) knows best.   Answered by: Mufti Ebrahim Salejee (Isipingo Beach) Source