Quran | Sunnah | Media | LiveTV | icRadio | icTunes | icMarriage | icBazar | Donate |
November 30, 2015 | Safar 17, 1437
 E D U C A T I O N
Unlawful Business
 B A N K I N G
Bank Accounts
Credit Cards
Debit Cards
Islamic Banking
 L O A N S
 I N V E S T M E N T
Mutual Funds
Critique of DJ Companies
Critique of Industries
 I N S U R A N C E

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/


 A B O U T   U S
Contact Us: 
Join our mailing list
Email Address:
Choose a Newsletter:
Weekly Bulletin
Delivery Format:
Manage Subscriptions

Serviced 1,635,099,645 Requests Since January 2001
About Us | Contact Us | Site Map | Advertise | Recognitions | Privacy Policy  
Quran Search

Copyright 1995-2015, IslamiCity. All Rights Reserved.