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Interest Based Bank Accounts: Reality Check for Muslims

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#1 [Permalink] Posted on 10th September 2015 19:52

Asslamo Allaikum Wa Rahmatullahi Wa Barakatuh,

I had a conversation with a young Brother about Bank Accounts recently and this data is being produced with his consent.

It is the strategy of Shaytaan to present Haram matters in the most alluring manner possible. Young Brothers starting their lives with a young family are always on the lookout for saving money and there is no blame on that.

My dear Brother has a wife and a young daughter and he decided to investigate the matter of Interest in the Madhab of Imam Abu Haneefa (RA). He came across opinions of Interest payments being permissible in Darul-Harb so an idea popped in his head. Why not have his pay check for him (every month) and earn him some (extra money). He decided to look into Interest paying Accounts and wanted to speak to me about the best option possible.

The discussion wasn’t about Halal or Haram but the best “financial” options. So I didn’t discuss Halal/Haram (at first) but just cold numbers of Bank Accounts.

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