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Islamic Savings Account In UAE
Sallam,
Find attached FilesI open Islamic saving account in UAE. They its sharia compliant, based on profit/loss sharing, however, there is always a profit historically but at different rates may be. Its not fixed deposit, I can withdraw money any time and any amount.
Attached document defines the account mechanism. Please review the attached.
They usually pay 1.70% per annum (historically).
Based on above facts, is this Ribba?
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1 Reply
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Islamic Savings Account In UAE
updated 1 year, 4 months ago
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Fundamentally, riba is really a concern in loan transactions. However, since banks generally give out loans to people and earn riba themselves, we like to not take any portion of it through saving accounts. If, however, your bank does not earn riba but instead makes investments and pays out a portion of their profits to savings account holders then it is not impermissible.
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