Ask Qul - Business / Investment - money in high interest account

Pearl of Wisdom

There are three types of people that are considered thieves: the one who refuses to pay the alms-tax, the one who spends his wife's dowry unlawfully, and the one who takes a loan with no intention to repay it.'

Imam Ja'far ibn Muhammad al-Sadiq [as]

Ibid. p. 12, no. 15

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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

Follow Up Question:	Is that with all schools of thought?
Follow Up Response Question:	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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