What is the ruling on converting a bank account to an interest-bearing account, while donating the illicit interest to the needy, if the bank profits from the money in any case?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
If you need to safeguard your money, then place it in an Islamic bank. In this case, it is permissible for you to put your money in an investment account, and the profits will be lawful for you. If an Islamic bank is not available, then keep your money in a current account at a conventional bank. It is not permissible to place it in an interest-bearing savings account.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/181398
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 181398
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy