Praise be to Allaah.

Firstly:
Depositing money in the bank in return for interest is riba (usury), which is a major sin. Allaah says (interpretation of the meaning):

“O you who believe! Be afraid of Allaah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allaah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)”
[al-Baqarah 2:278-279]

If a Muslim is forced to put his money in the bank, because he cannot find any other means of keeping his money safe apart from putting it in the bank, then there is no sin in that, in sha Allaah, subject to two conditions:

1-That he does not take any interest in return.

2-That the bank does not deal only with interest, rather it should have some other activities that are permissible in which it invests the money deposited.

It is not permissible to make use of the interest (riba) which the banks pay to their customers. They must get rid of it by donating it to charitable causes.

The Scholars of the Standing Committee for Issuing Fatwas said:
The interest which the banks pay to depositors on the money that they deposit in them is regarded as riba (usury). It is not permissible to make use of this interest, and the customer must repent to Allaah from depositing his money in riba-based banks. He should withdraw the money that he deposited and the interest, keep the original amount and donate the extra to charity, to the poor and needy or for renovating public facilities etc.
Fataawa Islamiyyah, 2/404

And Shaykh ‘Abd al-‘Azeez ibn Baaz (may Allaah have mercy on him) said:

With regard to the interest that the bank gives to you, do not give it back to the bank and do not keep it, rather spend it on charitable causes such as giving it to the poor, renovating public washrooms, helping debtors who are unable to pay off their loans, etc.
Fataawa Islamiyyah, 2/407

And Allaah knows best.

Source=IslamQA

Jazak Allah

Thank God, it's friday.

Jazakhallahukairan. Thanks for educating us

I even think say na better thread wey enter front-page

Jaza'akallahu khair Op

Issorite

Misleading topic

Spending on charitable purposes is a good alternative

Make I book space before I read

Rubbish
So to have interest accrue on your money is the major problem that needs attention,, more than child rape and child marriage which y'all conveniently dodge and refuse to address

We've found ourselves in a secular society but it doesn't stop us from being living our lives in accordance with Islamic doctrine.

My concern is that halal investments are available in modern banking that guarantees investors of both capital and profit (not interest)

This is un-African and pro Arabic your arab sky daddy must be proud of you guys

You killed your culture, language, dressing, food, religion, way of life etc and adopted the Arab man's names, culture, language, dressing, food, believes all in the name of Religion

Most of the projects by government and private sectors are funded by loans. Muslims should not be allowed to enjoy them. E.g lekki epe and lagos ibadan rail way. Nonsense

Rashduct4luv:
Praise be to Allaah.

Firstly:
Depositing money in the bank in return for interest is riba (usury), which is a major sin. Allaah says (interpretation of the meaning):

“O you who believe! Be afraid of Allaah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allaah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)”
[al-Baqarah 2:278-279]

If a Muslim is forced to put his money in the bank, because he cannot find any other means of keeping his money safe apart from putting it in the bank, then there is no sin in that, in sha Allaah, subject to two conditions:

1-That he does not take any interest in return.

2-That the bank does not deal only with interest, rather it should have some other activities that are permissible in which it invests the money deposited.

It is not permissible to make use of the interest (riba) which the banks pay to their customers. They must get rid of it by donating it to charitable causes.

The Scholars of the Standing Committee for Issuing Fatwas said:
The interest which the banks pay to depositors on the money that they deposit in them is regarded as riba (usury). It is not permissible to make use of this interest, and the customer must repent to Allaah from depositing his money in riba-based banks. He should withdraw the money that he deposited and the interest, keep the original amount and donate the extra to charity, to the poor and needy or for renovating public facilities etc.
Fataawa Islamiyyah, 2/404

And Shaykh ‘Abd al-‘Azeez ibn Baaz (may Allaah have mercy on him) said:

With regard to the interest that the bank gives to you, do not give it back to the bank and do not keep it, rather spend it on charitable causes such as giving it to the poor, renovating public washrooms, helping debtors who are unable to pay off their loans, etc.
Fataawa Islamiyyah, 2/407

And Allaah knows best.

Source=IslamQA

What is the way forward?
95% of Muslims in Nigeria are guilty of a particular interest that is credited in their savings and salary acct by the bank if the money stays more than one month.This is not done intentionally by the customer to attract interest.
Don't you think,that the best thing to be done is for the customer to issue the bank a letter authorizing them to remove the interest element flag such that no interest will be credited however the account stays without withdrawal?

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There are books on History, Politics, Novels, Self-improvement, Philosophy, Psychology, and also Christian Books

From your post, it means fix deposit is a sinful business. It is not everyone that knows how to go about the usual businesses, so such persons save towards retirement so that they fix this money to be getting small money to keep life going. We all know how the government treat retired persons.
What advice will you give to these kind of people?

In southern part of Nigeria, there is no non interest bank and employers will require bank to pay salaries of Moslems working in this region, how will such Moslems receive their salary without using interest banking. How will they even keep their savings or they should not save?

You may suggest online banking with non interest bank. How will they get their cash online with out going to bank to get ATM card. Please I your response.

this thread is complicated, I don't really know how to put or remove to the Op assertion.


anyways I need a job, that's all that matters right now.

Mad oh... Wetin adamu no go see for gate!

ukeleh:
From your post, it means fix deposit is a sinful business. It is not everyone that knows how to go about the usual businesses, so such persons save towards retirement so that they fix this money to be getting small money to keep life going. We all know how the government treat retired persons.
What advice will you give to these kind of people?

In southern part of Nigeria, there is no non interest bank and employers will require bank to pay salaries of Moslems working in this region, how will such Moslems receive their salary without using interest banking. How will they even keep their savings or they should not save?

You may suggest online banking with non interest bank. How will they get their cash online with out going to bank to get ATM card. Please I your response.

If you read the post very well you would see that your questions were answered.

Billcakes:
Rubbish
So to have interest accrue on your money is the major problem that needs attention,, more than child rape and child marriage which y'all conveniently dodge and refuse to address

Don't spit out your intestine because of what you don't have knowledge about. The way the interest has clear punishment is the way the rape and minor marriage has clear punishment in Islam. The enforcement of these punishments depend on your country and where you find yourself.

To the topic, if not because of interest Nigeria will not be begging IMF for debt waiver. Both big and small interest in whatever form is what Islam forbid and this is to allow financial stability of individual and the economy. With Zero interest, the income gap between the poor and the rich will become narrow. I hope you learn.

fraymite:


Don't spit out your intestine because of what you don't have knowledge about. The way the interest has clear punishment is the way the rape and minor marriage has clear punishment in Islam. The enforcement of these punishments depend on your country and where you find yourself.

To the topic, if not because of interest Nigeria will not be begging IMF for debt waiver. Both big and small interest in whatever form is what Islam forbid and this is to allow financial stability of individual and the economy. With Zero interest, the income gap between the poor and the rich will become narrow. I hope you learn.

Who is this asinine asylum lunatic ?
Thunder fire your father for your imprudence and temerity to insult me. May a menstruating she goat urinate in that your foot-and-mouth disease-infested mouth.

QuietHammer:
We need a ruling on how to defile 13 year olds, just like Muhammed did

. When will you learn to live with people of different faith from yours? When will you learn to respect people and what they believe in.

Billcakes:


Who is this asinine asylum lunatic ?
Thunder fire your father for your imprudence and temerity to insult me. May a menstruating she goat urinate in that your foot-and-mouth disease-infested mouth.

mad man abusing the wise. Oloriburuku

See me óò .. I was like, wetin fg and cbn dey plan for our money wey dey bank again for this Covid-19 season?

Utill I opened it and realise it is an Islam thread..
It's Friday again..

Let me come and start to be going..

oluku86:
mad man abusing the wise. Oloriburuku

Gbe enu e soun, oloriburuku jati jati
Mad man kill you there, do you know the meaning of wise ?

Was I not on my lane when you quoted and insulted me first. If you can't stand the heat, then get the fvck outta the kitchen.
I thought you could bring the heat, go ahead, bring it, make I roast you here

ukeleh:
From your post, it means fix deposit is a sinful business. It is not everyone that knows how to go about the usual businesses, so such persons save towards retirement so that they fix this money to be getting small money to keep life going. We all know how the government treat retired persons.
What advice will you give to these kind of people?

In southern part of Nigeria, there is no non interest bank and employers will require bank to pay salaries of Moslems working in this region, how will such Moslems receive their salary without using interest banking. How will they even keep their savings or they should not save?

You may suggest online banking with non interest bank. How will they get their cash online with out going to bank to get ATM card. Please I your response.

Sterling bank offers an alternative banking platform where you open an imal account. Also if in Lagos, Jaiz bank is an option.

https://saf.ng/savings-account/

The general ledger is independent of the Islamic alternative finance ledger.
Stannic IBTC was offering it also but they scrapped it some 2 years ago. I believe those who are critical of this ribba or interest are ignorant. what caused the recession of 2008? All leading economist agree it was because of subprime mortgages which are premised on a ribba based economic model.

rhajaan:
https://saf.ng/savings-account/

The general ledger is independent of the Islamic alternative finance ledger.
Stannic IBTC was offering it also but they scrapped it some 2 years ago. I believe those who are critical of this ribba or interest are ignorant. what caused the recession of 2008? All leading economist agree it was because of subprime mortgages which are premised on a ribba based economic model.

The most common joy of people is to make profit in any way, mostly not caring about the detriment of others or completely ignorant of it.
Such systems being of sound principles, however, cannot be replicated and enforced.
The most popular economic systems are just a giant bubbles waiting to burst.

When you talk about removing interest what most people think is "I'm forbidden to earn it.", rather than think "...,I also don't have to pay it.".
I think for most people it's far more profitable in the long run to not pay or receive interest. But then, the world is not controlled by the most.