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Bank Deposits For Short Term
What options do Muslims have to keep their cash holdings for short periods of time without loosing value to inflation. Eg someone sold their house and have this cash on hand. They need to use this cash over next two years to pay installments of their new house under construction. Can they keep this money in a traditional bank deposit if an islamic alternative is not available. This bank deposit will pay interest just enough to match inflation. It’s not feasible to invest these funds in any other asset as that will be risky. Appreciate response.
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2 Replies
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Bank Deposits For Short Term
updated 2 months, 3 weeks ago
2 Members
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2
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The additional amount to meet the loss of depreciation of the money can be allowed, but not more than that. That would be the interest.
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Thank you sir
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