Fatwa No : 77547
Ruling on interest received from savings account

Ruling on interest received from savings account

Assalamu Alaikum!
What do the scholars say about savings accounts? I have opened a savings account in a bank without being aware of. The interest is accrued after a year and I withdraw most of the money. Is my money still forbidden?

الجوابُ حامِدا ًو مُصلیِّا ً

If the questioner has opened the said account in a bank that charges interest, as is appeared to be, from the question, then it should be clear that since the amount deposited in the savings account is a category of loan and imposing any condition or known interest on a loan is unlawful and forbidden by Sharia law because it falls in the category of interest, it is not permissible for the questioner to open the said account in any bank that charges interest and to receive interest on it. Therefore, it is obligatory on the questioner to have this account closed immediately and sincerely repent and seek forgiveness for this sin, and to give whatever interest he has earned from this account so far as charity to the poor, without the intention of reward.

مأخَذُ الفَتوی

کما فی صحیح مسلم : لعن رسول اﷲ ﷺ آکل الرباء و موکلہٗ و کاتبہٗ و شاہدیہ و قال ھم سواء(2 /27)۔
و فی معارف السنن : من ملک بملک خبیث و لم یمکنہ الرد الی المالک فسبیلہ التصدق علی الفقراء اھ (1/ 32)۔
وفی رد المحتار : تحت (قولہ کل قرض جر نفعا حرام)ای اذا کان مشروطا اھ (5/ 166 )۔