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July 31, 2014 | Shawwal 4, 1435
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IslamiCity > Business & Finance > IC Finance > Bank Accounts
 Welcome to IC Finance Information & Services

 O ye who believe! Devour not usury, doubled and multiplied; but fear Allah.
that ye may (really) prosper. Qur'an 3:130 (Arabic) - Recite  


Bank Accounts


Conventional Bank Accounts fall into to main categories:
  • Saving Account:
    Here you keep your money in the bank (for safety reasons) as well as earn a fixed interest rate on it.
  • Checking Account:
    This normally doesn't have interest paid by the bank.

Lately, 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.

Faced with this, what is a Muslim to do? At present, the best strategy is to take the interest and give it away to charitable causes.

However, now there are several riba-free operated bank in the USA. The following is a short list:

Bank of Whittier. Visit www.bankofwhittier.com

University Islamic Financial. Visit www.universityislamicfinancial.com/

 

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