{"_id":"668da0420b76658b4c233269","title":"{\"ops\":[{\"insert\":\"What is the ruling on having a savings account where the money accrues interest?\\n\"}]}","question":"What is the ruling on having a savings account where we accrue interest on the saved money? Is there an Islamic diference between the one who pays interest vs the one who earns it? If we must have a savings account, would it be permissible just to donate the accrued interest?","answer":"{\"ops\":[{\"insert\":\"It wouldn’t be permitted to voluntarily open a savings account because you’re engaging in a ribā-based contract. If you’re not able to avoid a savings account and you’re somehow stuck with it, then dispose of the interest earned by donating it. It’s better to donate to causes that don’t involve food or masjids.\\n\"}]}","tags":[{"_id":"68a50aaa2cc850e0af10384a","tag":"Finance: Interest","count":24}],"createdOn":"2024-07-09T20:40:34.367Z"}