Saving accounts

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

In principle, it is not permissible for one to open a cheque or savings account that generates interest upon ones deposit.

Alternatively, one should search for reliable Shariah compliant based cheque or savings account. One can also open a current account or any other account which is interest free.[1]

And Allah Ta’āla Knows Best

Ahmed-Ur-Rahmaan Ibn Mufti Mohammed Patel (Rahmatullah Alaih)

Student Darul Iftaa

Azaadville, Johannesburg, South Africa

Checked and Approved by,
Mufti Ebrahim Desai.