Close your savings account

[binthalal]

No, it still wouldn't be permitted to open a savings account which engages with interest (riba), because interest is categorically unlawful by the text of the Qur’an itself. The solution would be to open a standard, non-interest bearing account and deposit your money there instead, such as islamic account or as the brother said a chase account there are still ways to avoid this is up to you to follow it

I'm a girl

 

[sigmund]

I'm a girl

sorry I looked at your t shirt and thought you were a boy

 

[Removed]

You're avoiding it at surface level which is important but the whole function of a bank is to literally profit off of interest. The money you deposit there never sits still it's being loaned out to Joe who came to withdraw after you deposited. Right now I have a Savings account and I know exactly how much money I got from interest and was deposited there by the bank - I don't touch that. Most of my money is in my chequing account anyways.

The bank only keeps a fractional reserve of all the money that is under its safe keeping, the rest is loaned out for interest and is never really there. That's why when you have a bank run they have nothing to give to everyone because it never actually sits in the bank.

I don’t understand your point if one can avoid the surface level then they should. Allah does not burden people for that which they cant handle. Allah doesn’t fault us for what we cant control. Taxes are also in a way xaram but we cant avoid paying it so we are free of guilt in that.

 

[Helios]

I don’t understand your point if one can avoid the surface level then they should. Allah does not burden people for that which they cant handle. Allah doesn’t fault us for what we cant control. Taxes are also in a way xaram but we cant avoid paying it so we are free of guilt in that.

I agree but I was pointing it out since op seemed to suggest thats how riba is just dodged. I was saying it's systemic but I agree we should avoid it whenever we can.

 

[binthalal]

sorry I looked at your t shirt and thought you were a boy

Lol it's all good boo