- EN (English)
| Fatwa ID: | 87672 |
| Title: | Are savings accounts halal? |
| Category: | Financial Transactions |
| Scholar: | Dr. Hatem al-Haj |
| Date: | 11/05/2012 |
Question
Is a savings account halal?
Answer
In the name of Allah, the Most Merciful, the Grantor of Mercy
All praise belongs to Allah, and may prayer, s and peace be upon Allah’s final Messenger.
Conventional savings accounts are not halal because they have fixed interest, which makes them [in the category] of clear riba (usury).
