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.
Courtesy
of Muslim-Investor
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2001 Tjara Networks, Inc. All Rights Reserved.
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