Mufti Online — Madrasah Ta'leemuddeen

Investing in a commercial bank

· 25 Rabiʻ II 1441 AH1 min readEnglish

Question

I want to invest my savings in a commercial bank which is offering a profit rate of 10%-12%. It is to bring to your notice that the profit rate will vary each month depending on the market and also it will change if we deposit more. Shall I invest in it?

Answer

This is interest and hence haraam. You should refrain from investing your wealth in a commercial bank as you will be involved in the grave sin of interest. Hazrat Jaabir (radhiyallahu ‘anhu) reported that Rasulullah (sallallahu ‘alaihi wasallam) cursed the one who consumes interest, pays interest, the scribe of the interest-bearing deal and the witness to such a deal.” (Saheeh Muslim #1598)

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Zakaria Makada
Checked & approved by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/30893
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