Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh.  (May Allah's Peace, Mercy and Blessings be upon all of you)

One of our brothers/sisters has asked this question:

DEAR MR.BURHAN,

pLEASE ALSO ANSWER MY TWO QUESTIONS

Q1- CAN A WIDOW CAN DEPOSIT IN SAVING SCHEMES WHO HAS NO SOURCE OF INCOME????

Q 2- CAN A RETIRED HUSBAND AND WIFE CAN DEPOSIT IN SAVING SCHEMES WHO DOES NOT HAVE ANY SOURCE OF INCOME AND SUFFERING FROM KIDNEY FAILURE AND ALMOST BLINDNESS CONDITION OF PATIENT???

(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)

Answer:

Deposit in saving scheme interest

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is no one (no idol, no person, no grave, no prophet, no imam, no dai, nobody!) worthy of worship but Allah Alone, and we bear witness that Muhammad(saws) is His slave-servant and the seal of His Messengers.

If the saving schemes are based on paying ‘interest’ on the money deposited, then no matter what the circumstances or conditions, the ‘interest’ earnings from such schemes would be considered absolutely illegal and haraam for the believers.

The Holy Quran is extremely clear regarding its commandments on ‘riba’ or usury. Interest is considered a part of usury and thus the same laws will apply for it. For a believer, taking any interest is absolutely forbidden under any circumstances.

Allah says further in the Holy Quran Chapter 2 Surah Baqarah verse 278: O Believers!, fear Allah and give up that ‘riba’ which is still due to you, if you are true believers. But if you do not do so, then you are warned of the declaration of war against you by Allah and His Messenger!

Allah says in the Holy Quran Chapter 4 Surah Nisa verse 161: That they took ‘riba’, although they were forbidden. And that they devoured men’s substance wrongfully. We have prepared for those among them who reject faith a grievous punishment (of Hell Fire)!

But if the deposit scheme is not based on the concept of ‘interest’ and ‘riba’, like the many ‘mudaraba’, ‘musharaka’, or ‘ijaarah’ schemes available in almost all the Islamic Banks and Institutions today; these earnings would be considered absolutely legal and halaal for the believers who wish to deposit their money under these schemes declared legal by the Shariah.

Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.

Your Brother in Islam,

Burhan