AskImamDarul Iftaa Mahmudiyyah (AskImam)

Can we put money in the bank?

Fatwa 1833English
Finance and Commerce

Question

Dear Respected Mufti Saheb, Is it permissible to put money in the Bank. Also if we have a choice of an intrest or non-intrest account what should we do? Please Give Details. Jazakallah Khair.

Answer

One may deposit money in a bank account for safeguarding on condition that one does not use any of the interest earned. The interest money should be given to the poor and needy without the intention of gaining any reward in the hereafter.

And Allah Ta'ala Knows Best.

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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