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In the Name of God بسم الله
musa shakr

can I have a savings account

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I live in the us all the banks in the are pay interest on a savings account. I'm pretty sure the answer is no. I already have a free checking account with no fees or interest. But I want to separate my money a little. any other options

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1 hour ago, notme said:

You can receive interest from banks. You just can't pay it or charge it of people.

So no problem with an interest bearing savings account.

whats the difference between receiving interest from a bank and a person? I mean the bank is owned by people.

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54 minutes ago, musa shakr said:

whats the difference between receiving interest from a bank and a person? I mean the bank is owned by people.

They are going to give it to you. You aren't going to have to ask for it. 

 

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Salam

According to my marja (Ayatullah Sayyid Ali Khamenei (رضي الله عنه).) -

"It is permissible to receive the interest from the banks of non-Islamic states, irrespective of whether the owners were among the People of the Book or polytheist, regardless of whether or not the depositor made it conditional that he be paid the interest."

As a precaution, firstly search for an Islamic bank, if not available then go for banks that have Islamic subdivision. If still not available then go for any bank.

Edited by Stitcher

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25 minutes ago, Stitcher said:

Salam

According to my marja (Ayatullah Sayyid Ali Khamenei (رضي الله عنه).) -

"It is permissible to receive the interest from the banks of non-Islamic states, irrespective of whether the owners were among the People of the Book or polytheist, regardless of whether or not the depositor made it conditional that he be paid the interest."

As a precaution, firstly search for an Islamic bank, if not available then go for banks that have Islamic subdivision. If still not available then go for any bank.

It is not allowed to recieve interest from Muslims (so Islamic banks included) - so he is meant to look for non-Islamic banks.

That's whom he can recieve the interest from. Read your fatwa brother.

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23 minutes ago, Sumerian said:

It is not allowed to recieve interest from Muslims (so Islamic banks included)

Definitely. But if a bank charges interests from Muslim or anyone then that bank no longer remains an Islamic bank. Islamic banks are those that are based on shariah law and free from recieving interest from anyone.

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1 minute ago, Stitcher said:

Definitely. But if a bank charges interests from Muslim or anyone then that bank no longer remains an Islamic bank. Islamic banks are those that are based on shariah law and free from recieving interest from anyone.

"Islamic bank" in and of itself is a new term. It never existed in Fiqh. This is the rule: transactions involving interest between Muslims are haram on a surface level.

But a transaction in which a Muslim charges a kafir interest, or recieves interest money from a kafir is halal. On the otherhand, it is haram for a Muslim to pay interest to a kafir.

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Its a new term, true. But in todays world you can't do anything without banks. Hence the Islamic banking system introduced. Those banks are not involved in taking interest from borrower. Rather they participate in business directly with the borrower and share the risk of profit or loss both. If the bank can make profits in business then they share that with their account holders.

You can check this link.

https://www.investopedia.com/terms/I/islamicbanking.asp

Edited by Stitcher

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