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O ye who believe! Devour not
usury, doubled and multiplied; but fear Allah.
that ye may (really)
prosper. Qur'an 3:130
Bank Accounts fall into to main categories:
Here you keep your money in the bank (for safety
reasons) as well as earn a fixed interest rate
This normally doesn't have interest paid by the
distinction between the two have blurred somewhat,
since many banks started to give interest on
Checking Accounts as well! In many cases, the
interest is compulsory, and even if you ask the bank
to not give you interest, they will still
give it to you.
this, what is a Muslim to do? At present, the best
strategy is to take the interest and give it away to
there are several riba-free
operated bank in the USA. The following is a short
Bank of Whittier.
Islamic Financial. Visit www.universityislamicfinancial.com/