Bank charges reduce money in saving account
Fatwa No: 81370

  • Fatwa Date:7-8-1999 - Rabee' Al-Aakhir 25, 1420
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Question

I have a deposit in a Bank in Canada. I put the money in a saving account without profit. I have no choice but to put this money in Bank in Canada. Each month the Bank deducts 3.00 from my account as a charge for this type of account since the bank can not make a lot of use with my money. But over time my money becomes less and less. Please advice me about the possibility of opening an account with profit. In that case what I am going to do with the profit? To continue as I am now my money will be less month by month. Thanks,

Answer

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) is His slave and Messenger.

 

We advise you to deposit your money with interest as you are obliged to do so since there is no Islamic alternative in your country.

However, you should get rid of this interest by spending it on the poor and destitute Muslims but you should not benefit from it yourself or spend it on the members of your family whom you are obliged to spend on.

Allaah Knows best.

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