Sir, I am a poor person. I work as a salesman in Saudi Arabia. I am married. Can I keep some money in bank as a fixed deposit? Is it permissible? Please reply as soon as possible.

Answer:

Allah SWT has declared trade as Halal and interest as Haraam. Allah SWT says: That is because they say: Trade is like usury, but Allah hath permitted trade and forbidden usury. Surah Baqarah (2:275) About depositing money in bank, the ruling is different on whether the country is an Islamic one or non-Islamic one. In a non-Islamic country, Improper Sale (Bai Fasida) is permissible, which means that in a non-Islamic country, if in a transaction between a Muslim and a non-Muslim, if the Muslim gets extra money without any cheating of any kind, then it will not be considered as interest. In a Islamic country, the same kind of transaction is an interest-based transaction and it is forbidden. Thus, the extra money gained from a non-Muslim financial institution in a non-Muslim country does not come under interest and can be used. However, in an Islamic country, irrespective of whether the transaction is with a Muslim or someone else and whether the financial institution is Muslim or a non-Muslim one, such extra money is interest, which is Haraam and forbidden. It is Wajib to give away that amount in charity. You cannot use it for your own. As per the Hadith recorded and mentioned by Imam Burhanuddin Farghani (May Allah shower His Mercy on him) in Hidayah, Vol. 3, Pg No: 86.