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Shaykh Muhammad Kamran has been pursuing Islamic Studies at Al Mustafa International University Qom since 2012 and has specialized in the areas of Fiqh and Usool. He also holds a degree in Accounting. He is currently serving as the Head of Academics for the Hussayni Madressa Dar es Salaam.

Moderator: KamranAli

User avatar
By Insaan
#19796
I have some savings at the bank and I am getting interest 2 yearly;
To be precise the bank (DTB)- not fully Muslim owned.
Is this money halal? Am I allowed to do this?
-Can I use it for my daily use?
- or it better to not use the money for myself and use it in a good cause, so at least my saving money is safely kept
User avatar
By KamranAli
#19887
There are three types of Bank:
1) Islamic Government Bank: The capital is invested by an Islamic Government.

2) Private Islamic Bank: The Capital is invested by a Muslim or group of Muslim Investors.

3) Non-Muslim Bank: The Capital is invested by A Kafir government or Kafir Investors.

Bank 1 and 2: It is permissible to deposit money in a bank without prior condition for interest and it is as well permissible to take interest on deposited money, if the bank in which money is deposited belongs to Muslims. If it belongs to government, it is permissible to take interest provided that half of the interest is given away to poor people (Momineen of them).

Bank 3: It is absolutely permissible to take interest from a non-Muslim bank. Even making a condition for obtaining interest is permissible.

Now if you look at DTB Bank, because it is not owned by an Islamic government therefore whatever profit you receive from it is Halal and you can use it.
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