Question: Sir, I am a poor person. I work as a salesman in Saudi Arabia. I am married. Can I keep some money in an Indian bank in fixed deposit?
Answer: Allah (Subhanahu Wa Ta’ala) has declared trade as Halal and interest as Haraam. Allah (Subhanahu Wa Ta’ala) 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 an Islamic country, the same kind of transaction is an interest-based transaction and is forbidden.
And Allah (Subhanahu Wa Ta’ala) knows best.
Mufti Hafidh Syed Ziauddin Naqshbandi Qadri,
[Professor of Islamic Law, Jamia Nizamia,
Founder/Director, Abul Hasanaat Islamic Research Center]
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