Investing in a commercial bank
Question
I want to invest my savings in a commercial bank which is offering a profit rate of 10%-12%. It is to bring to your notice that the profit rate will vary each month depending on the market and also it will change if we deposit more. Shall I invest in it?
Answer
This is interest and hence haraam. You should refrain from investing your wealth in a commercial bank as you will be involved in the grave sin of interest. Hazrat Jaabir (radhiyallahu ‘anhu) reported that Rasulullah (sallallahu ‘alaihi wasallam) cursed the one who consumes interest, pays interest, the scribe of the interest-bearing deal and the witness to such a deal.” (Saheeh Muslim #1598)
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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