Opening a bank account that accrues interest
Question
Is it permissible to have a Capitec bank account? All Capitec bank accounts (global one) pay out interest regardless of the account type. It's not possible to stop this even if one asks them.
Is it permissible to open this account? Then to give away the interest to some poor people or relief organisation without hope of reward.
There are other banks who have interest free accounts.
Answer
If you can put the money in a bank which will not give you interest at all (i.e. upon informing them that you don't want to receive interest), then don't use this bank.
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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