Is it permissible to open a school savings account at the Tunisian Agricultural Bank?
There is no harm in a person saving their money to achieve a benefit, provided that zakat is paid if the money is subject to zakat. Saving is permissible in Islamic banks that engage in permissible transactions and avoid usury. As for usurious banks, it is not permissible to deal with them, based on the Almighty's saying: (And cooperate in righteousness and piety, but do not cooperate in sin and aggression) [Al-Ma'idah: 2], and the Prophet, peace and blessings be upon him, said: "Allah has cursed the one who consumes riba, its writer, and its two witnesses," and he said, "They are all equal." Funds must be withdrawn from usurious banks and invested in a permissible manner.
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- Original fatwa ID
- 40360
- Imported
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- Source text, unreviewed
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