Is It Permissible to Open a Savings Account with Interest for Security Reasons?
Hanafi Fiqh
Answered by Mawlana Ilyas Patel
Question
Is it permissible to open a savings account with interest for added security against theft if the interest is given to charity?
Answer
In the Name of Allah, the Most Merciful and Compassionate.
I pray you are well. Thank you for your question.
It is not acceptable to open a savings account, even if you plan to donate the accrued interest to charity. There are various ways to ensure secure banking, particularly in Western countries. Following bank instructions and using debit or credit card payments that offer a guarantee are effective methods for maintaining security. [‘Usmani, Fiqh al-Buyu’]
Related
- Is It Halal to Keep My Money in a Riba-Based Bank
- How to Get Rid of Interest Money Accumulated on an Account?
- How to Avoid Riba (Usury): A Reader
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I pray this helps with your question.
Wassalam,
[Mawlana] Ilyas Patel
Checked and Approved by Shaykh Abdul-Rahim Reasat
Mawlana Ilyas Patel has received traditional education in various countries. He started his schooling in the UK and completed his hifz of the Quran in India. After that, he joined an Islamic seminary in the UK, where he studied secular and Aalimiyya sciences. Later, he traveled to Karachi, Pakistan, and other Middle Eastern countries to further his education. Mawlana has served as an Imam in the Republic of Ireland for several years and taught the Quran and other Islamic sciences to both children and adults. He also worked as a teacher and librarian at a local Islamic seminary in the UK for 12 years. Presently, he lives in the UK with his wife and is interested in books and gardening.
