Dear Sir Assalam alaikum

 I wanted to know whether bank interest is halal or not? Some people say it is haram some say it is halal, and for it they give the reason that bank invests that money in bank and they are giving us share of the profit; secondly, they say the value of money depreciates so taking interest is not wrong. And I wanted to know whether making fixed deposit of our money in bank is allowed? I'm totally confused what to do because I do not want to indulge in something haram and I also do not want to leave my money if it is not haram. I would be highly obliged to you if you could answer my question.

One more question, I wanted to ask “Does applying lipstick invalidate our fast?” It is only on our lips and not entering our stomach, does it also invalidate our fast?

Yours’ sincerely

Nazia

  

Dear sister Nazia Walekum Assalam WR

       May Allah give you reward for trying to learn Islam, and keep you happy, Amen!

      Bank interest in any form is completely haram. No bank gives interest as a profit on your share in business. Your share is not calculated on the rate of profit or loss to the bank in its business. It is given to you on a fixed rate that is not related to the bank’s profit or loss. The rate of interest is regulated either by a central bank or the demand of money.

      Yes, it is true that, in general, the value of money is depreciated as the time goes by. But then your deposit in the bank is not a loan to the bank. You put it there to make it safe, as it is not safe at your home. Your intention is not investing in banks’ businesses. If you have to invest in bank’s business, you have to buy its shares from the market at current rate. Moreover investing in bank’s business is also haram, because it deals with interest.

      Similarly, depositing money in fixed account is also haram. It gives you probably a higher interest rate, but it is still interest, and thus haram. If you are forced by law to take interest, you should take it, but must give it to poor hungry Muslims to support themselves. You will not get its reward, because it is not your halal money. But for a hungry poor Muslim, it is allowed to use it to save his life.

      Regarding applying lipstick on your lips, no, it does not invalidate your fast, if you do not lick it with your tongue. Islam asks Muslims to show freshness and be good looking while fasting. You should do all your makeup to remain fresh and look good.

Wallaho alam bith-thawab

Wassalam

Dr. Syed Hasanuddin Ahmad