Opening a bank account

Islamic profit share of an Islamic FNB cheque account

1 week ago By user2

Q: I have a Islamic FNB cheque account that comes with an Islamic pocket savings account that gives me an Islamic profit share every month. 

1. Is this Islamic profit share halaal? 

2. I use this Islamic pocket savings account to store my money and to keep it safe, and every month I transfer what money I need for the month into my main account from it, so if anyone steals my card they can only steal that month's money and not all of my money, and this also helps me budget my money. If the profit share from this account is haram, do I have to close down my main account (the pocket savings account is tied to it), or must I not have any money in the pocket savings account and leave it empty, or can I just not use the Islamic profit share but keep all my money in the pocket savings account? 

3. If the Islamic profit share is haraam but I can keep the account but just not use the profit, can I use the profit share to pay taxes?

Opening a bank account in an Islamic bank and benefitting from their facilities online

3 weeks ago By user2

Q: My question is regarding opening a bank account. I chose an Islamic Bank which had no offer if you open a bank account so it will not fall in riba. But some e-commerce sites associate with the bank and offer their card holders some offers like 10% discount. Now I see the bank I chose to open account in, most e commerce sites offer this to their card holders. If I open an account in this bank and the facility is available, will it be in the category of riba?

Profits from a bank account

5 years ago By user2

Q: Please can you assist with the following questions?

1. I have a *hajj account* as well as a *cheque account* with Al Baraka bank. The amount grows as per the profits the bank makes. Is this acceptable according to shariat? Should I cancel all growth and just keep the amount as is?

2. I have opened up an account with FNB shariat compliant for my son. He was given a lot of gifts Alhamdulillah, therefore we have kept all his monetary wealth in an FNB shariat compliant account. The amount in the account will grow. Is this acceptable? Should I rather ask the bank to stop all growth and let the amount stay as is?

3. Do I have to pay zakaat considering the wealth in my hajj account also? 

Keeping one's money in a bank for safekeeping

6 years ago By user2

Q:

1. Is opening a 'Shariah-compliant' savings account at a bank or at an 'Islamic' Bank with the sole intention of the bank safekeeping your money permissible if one intends to give all 'profit' earned in charity?

2. If one already has an investment account at an 'Islamic' Bank that claims to follow a Profit-and-Loss mode of financing, what should one do? Should we close down the account?

3. Is it against taqwa to save/invest money for the future?

4. What are the permissible means if one wishes to save/invest?

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