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Bank Accounts in Interest Based Banks

Question:

Is it wrong to have accounts with banks that deal with interest but you do not recieve interest as you have told them to take the interest off? Can you advise which banks in the UK don't deal with interest?

Answer:

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As long as you do not give or recieve interest it is permitted to keep your money in the conventional bank. It is also permitted to have a regular account accruing interest if you are sure you will regularly subtract any interest accrued and give it in charity to the poor without the intention of reward. Though the latter is within the realm of permissibility, it would be more praiseworthy to keep your money with an Islamic bank as this would be aiding in the promotion of the Non-Usury Finance Movement.


Mufti Mohammed Sajjad

Wallahu Aalam bis-sawab

Please remember us in your Duas...

The answer to this question is the opinion of the scholar and does not reflect the opinion of other scholars of As-Suffa Institute and As-Suffa Institute as an organisation.
 

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