Stocks and other assets

Is a normal bank savings account haram?

Answered by the ShariaQuant team

The interest it pays is riba, yes. Keeping a current account for practical reasons is a different matter and is widely permitted where no interest is paid. If your account pays interest you cannot switch off, dispose of it the way you would any prohibited income.

Riba in plain language

This is Shariah screening and education, not financial advice. Rulings on newer products differ between scholars, so where a question is disputed we say so rather than pick a side for you. If your situation is unusual, ask your own scholar.

More on stocks and other assets

Are stocks halal?What are the AAOIFI screening ratios?Do I need to purify my stock dividends?Are ETFs halal?

Still not clear?

Ask it in the community and the team will answer.