Profits from FNB Islamic banking
Question
I have an FNB Islamic Account and a savings pocket. I get paid shares monthly because of the money that is saved in the savings pocket.
Is it permissible to use this money? Is long-term investments with the same institute permissible?
Answer
We do not approve of FNB Islamic banking. The ‘profits’ earned from the account should be given out in charity without any intention of reward. There are many deserving Muslims that are eligible to receive such funds. Also, it will not be permissible to put your funds into a long-term investment account with the intention of accruing higher ‘profits’. Yes, you may keep your funds with the bank with the intention of safekeeping and not with the intention of accruing interest or ‘profits’.
- Answered by
- Mufti Mohammed Desai
Fatawa SA is an independent, read-only index of fatawa already published by Darul Ifta Ibn Masood. It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.