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Gaining Interest Through Saving Accounts When Over 90% Is Halal
Assalamu Alaikum
Earning money from private loans (consumable things in general) is haram, but earning money from mortgages (usable things) is halal.
But if in a country, most of the amount which banks earn is through giving loans for usable things then would it be halal to have a saving account and earning money (interest) from that.
For example: In Sweden, most of the loans, over 70-80 percent, are mortgages, lent in order to buy houses. Rest is for buying cars and many other usable things. Only 5-10 percent is private loan (money lent to spend on consumable things). It is even differentiated between loans with security, where in case the loan cannot be paid the bank can take the thing loan is taken for, and loans without security, which includes private loans.
(A side question: Shall renovation loans be counted as loans given for usable or consumable things, because things are repaired and new things are added too but potentially there is not that type of “security” where in case the loan cannot be paid, the bank can take the thing)
So, both from a verdict (fatwa) point of view and safer (more pious) point of view, would it be halal, or even makrooh e tahreemi or tanzeehi, to earn “interest” in countries like these?
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1 Reply
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Gaining Interest Through Saving Accounts When Over 90% Is Halal
updated 5 months, 2 weeks ago
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It is safer to still avoid it but not haram if someone considers it an adjustment against the time value of money.
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