Fatwa No : 89785
The Ruling on Opening a “Meezan Plus Saving Account” and Using Its Profit

The Ruling on Opening a “Meezan Plus Saving Account” and Using Its Profit

Assalamu Alaikum wa Rahmatullahi wa Barakatuh. Respected Sir! I would like to ask you the following question. I have opened an account with Meezan Bank. The name of this account is “Meezan Plus Account,” and it is a savings account. Throughout the entire month, I keep depositing money into it and also withdrawing money from it, meaning that my account remains active and operational. Despite this, the bank credits some profit to me on a monthly basis. For example, I opened this account two months ago. Last month, they credited approximately 25–26 rupees as profit into my account, and this month they credited around 34–35 rupees into my account. My question is: Is it Islamically permissible for me to receive such profit from this account? Does this profit fall under the category of interest (riba) or not? And is it correct for me to keep this account active, or should I have it closed?

الجوابُ حامِدا ًو مُصلیِّا ً

According to our information, the transactions of Meezan Bank are carried out in accordance with Shariah principles under the supervision of reputable and authoritative Muftis. Therefore, for the questioner, there is Shariah permissibility to open a “Meezan Plus Account” with Meezan Bank and to utilize the profit received from it for personal use.