Is National Savings Accounts Islamically permissible?
March 21, 2012
Q: Is National Savings Accounts Islamically permissible?
الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب
National Savings Account wherein the principle is guaranteed and there is a definite return is not Sharī‘ah compliant. However, if anyone has deposited money into such an account the money so deposited will be liable for Zakāh.