Istifta 122 — Work & investment
In the West, it is possible for a person to open a variety of current accounts with high or low interest rates equally without any difficulty in both the cases. Is it permissible to open accounts with high interest rate with the understanding that the person will not demand the interest, if the bank denies it to him? If it is not permissible, is there a solution that would allow them to open such an account knowing well that they, in their heart, are seeking the best interest?
Answer
They are allowed to open the account in the bank and it is [also] permissible for them to deposit in it with the condition of earning the interest, if the bank is financed by non-Muslim governments or people.
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