Opening an Interest-Bearing Bank Account
Question
I have a _____tec bank account. The account, like other accounts, incurs interest every month. The bank has recently introduced a new type of savings account. This is an additional account linked to a person’s existing account. The purpose is basically for two reasons:
It allows one to save “change” in this way, that every time a person swipes his card for an odd figure (R197. 56) example, the bank will debit (round off) R200. The actual R197. 56 will go to the shop for that purchase and the change will go into that new type of savings account. This helps one to save money.
The monthly interest will no longer be retained in the mainstream account. It will automatically be transferred to this new type of savings account every month.
Is this permissible?
Answer
One is permitted to open a bank account out of necessity, but as far as possible, the account chosen should be one that does not generate interest. Numerous South African banks offer accounts (Cheque accounts, etc) that do not accrue interest. Therefore, choosing a ____tec account that accrues interest is not permissible when interest-free alternatives are readily available.
Yes, if it is not possible for one to open interest-free accounts, due to one not meeting the criteria for opening current and cheque accounts, then for the safety of one’s money, one may open accounts such as the one queried by you with ______tec Bank. However, whatever interest accrues on the account must then be taken out and given away to the poor without any intention of reward.
References (Arabic / Urdu sources)
(فقه البيوع ۲۱۰۲۹ ط . مكتبة معارف القرآن كراتشي):
ولا شك أن كثيراً من المعاملات المشروعة اليوم أصبحت مرتبطة بالبنوك، ويحتاج الإنسان لإنجازها أن يكون له حساب مفتوح في إحدى البنوك، فالحاجة ظاهرة مشاهدة، وترتفع مثل هذه الكراهة التنزيهية بمثل هذه الحاجة إن شاء الله تعالى. غير أن هذه الرخصة إنما يجوز العمل بها إن لم يوجد مصرف غير ربوي؛ فإن وُجد بشكل مقبول شرعاً، فلا ينبغي العمل بهذه الرخصة.
(فتاوی محمودیه ۱۶۱۳۱۲، فاروقیه ):
بہتر یہ ہے کہ بینک میں روپیہ داخل نہ کیا جائے ، اگر اور کوئی صورت نہ ہو تو بدرجہ مجبوری بینک میں بھی روپیہ داخل کرنا جائز ہے، بشر طیکہ وہاں روپیہ ضائع ہونے کا اندیشہ نہ ہو ۔ فقط واللہ سبحانہ تعالیٰ اعلم۔
- Approved by
- Mufti Muhammed Saeed Motara Saheb D.B.
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