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Ruling on Depositing Money in a Bank's Fixed Deposit Account

Banking,Conventional Banking,Ruling on Depositing Money in a Bank's Fixed Deposit Account

Fatwa No :
3801
| Date :

Fatwa No : 3801
Ruling on Depositing Money in a Bank's Fixed Deposit Account
جدید فقہی مسائل / بینکاری / مروجہ بینکاری

Ruling on Depositing Money in a Bank's Fixed Deposit Account

A woman’s husband has passed away, and she possesses five hundred thousand rupees left behind by her husband. She wishes to deposit this amount in a bank’s fixed deposit account, as she has young children and lacks any means or skills to earn a livelihood to support them. Is it permissible for her to deposit this amount in a fixed deposit account?

الجوابُ حامِدا ًو مُصلیِّا ً

Instead of depositing the money in a bank’s fixed deposit account, it is certainly better and permissible to invest it in a business or purchase property, as these are lawful options. However, depositing it in an interest-based (conventional) bank is not permissible.

مأخَذُ الفَتوی

قال اللہ تعالیٰ: {وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا } [البقرة: 275]
و في مشكاة المصابيح: عن جابر رضي الله عنه قال: لعن رسول الله صلى الله عليه وسلم أكل الربا وموكله وكاتبه وشاهديه وقال: «هم سواء» . رواه مسلم اھ (2/ 855)-

And Allah knows best
Darulifta Jamia Binoria Aalamia

Fatwa No 3801 Verify Now
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