Pearl of Wisdom

speaking to Imri'al-Qays who was in a dispute with another person about a piece of land, said, 'Do you have evidence?' He said, 'No'. The Prophet said, 'Then make him swear [by Allah].' He said, 'In that case, by Allah he will take my land!' The Prophet said, 'If by falsely swearing this person takes the land, he will be among those whom Allah will not look at on the Day of Judgment and He will not purify him, and he will be severely Punished.' He said, 'The person became frightened as a result and returned the land to him.'

Prophet Muhammad al-Mustafa [sawa]
Tanbih al-Khawatir, v. 2, p. 171

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Question : #115 Category: Business / Investment
Subject: money in high interest account
Question: Can I put my money in a high interest bank account?
Answer: Bismillah

Salaam Alaikum. Inshallah all is well. Giving interest to others is not permitted in Islam regardless of who the interest is paid to. However, there is a case where taking interest from others, which may be the case in question, is allowed. If we are to take interest from other fellow Muslims, it will be forbidden. This means, if the bank you are opening a high interest bank account in is owned by Muslims, entirely or partially, this will not be allowed. However, if you are taking interest from non-Muslims, it is allowed. This means, if the bank which you desire to open an account in is own only by non-Muslims, it will be allowed to look for high interest accounts.

Fee Amanillah
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Question:
Is that with all schools of thought?
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Great journey to name this blog. I love this name immensely. Funny, the thing that was the toughest for me, as well, was naming my blog. Took forever. And eve23#8r&0; Good luck on your journey to CA!

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