Is it permissible to deposit a sum of money in an interest-based bank—for the purpose of saving it to pay for my brother's annual university tuition installments—and is the insurance linked to this sum considered permissible or unlawful, knowing that the insurance cannot be cancelled until after five years?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
It is not permissible to deposit money in a usurious bank. If one wishes to keep it in a bank, it must be in a bank that adheres to Sharia guidelines. It is also not permissible to enter into a commercial insurance contract.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/195907
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- Ftawy
- Original fatwa ID
- 195907
- Imported
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- Source text, unreviewed
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