I am trying to save some money so that I can buy a house. Until I have enough money to buy a house, should I keep this money in a interest-free bank account or interest-bearing bank account?
Question
I am trying to save some money so that I can buy a house. Until I have enough money to buy a house, should I keep this money in a bank account where there is not interest is paid or keep it in a account which pays some interest which can be given to some needy person without any thawab. If I don?t get this interest, bank will keep this and can use in any way they like. If I get this interest, I can help somebody or some cause with this interest. Can this be also applied to monthly expense account? Jazak Allah Khair.
Answer
We advise you invest the money in an Islamic avenue and obtain profits which will be Halaal for you.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
FATWA DEPT.
- Answered by
- Mufti Ebrahim Desai
Where scholars differ, it’s safer to take the more cautious view.
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/2953
Fatawa SA: https://fatawa.co.za/fatwa/askimam-2953
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