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The question

Is it permissible to invest a sum of money designated for purchasing a house in an interest-bearing savings fund, given that it is currently insufficient for the purchase, and if that is forbidden, how can its value be preserved from inflation without the ability to trade?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

It is not permissible to deposit money in interest-based (usurious) banks or savings accounts with a fixed interest rate, because this constitutes usury (riba). If the deposit is for safeguarding the money, it is not permissible in interest-based banks except in cases of extreme necessity (such as fear of theft), and in such a case, it should be placed in a current account that yields no interest. It is advisable to keep money in branches of Islamic banks that do not specify a fixed profit percentage but are subject to profit or loss. Allah safeguards the religion and worldly affairs of those who fear Him.

Summarized from the full answer at Ftawy · imported

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
42180
Imported
Translation status
Source text, unreviewed
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