Is Interest Haraam ?
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- AbdiWahab252
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Is Interest Haraam ?
Is interest haraam ? I earn interest on my savings accounts and wanted to know if it was haraam even though I donate every dime of it to needy people.
It absolutely makes no sense to put your dump your savings into a checking account which the bank will use to make profits on by loaning it out. Since that is the case, aren’t the bank and I business partners and so the interest is the profit made from my money ?
It absolutely makes no sense to put your dump your savings into a checking account which the bank will use to make profits on by loaning it out. Since that is the case, aren’t the bank and I business partners and so the interest is the profit made from my money ?
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good poit, however interest is xaraam, but i still see many muslims Taking out a mortgage, they say that they are investing it in thier future lives and that of their kids....Islamic banks dont charge u interest directly but do so in other ways... all u gota look is the difference in their costs and that of Barclays, nationwide and etc
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