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Welcome to IC Finance
Information & Services
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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
(Arabic)
- Recite
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Bank
Accounts
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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 is Bank of Whittier a riba-free
operated bank in the USA. Visit www.bankofwhittier.com
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