Ask Qul - QA
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
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