• Miscellaneous >> Halal & Haram

    Question ID: 64211Country: India

    Title: Ruling about fixed deposit

    Question: A person retires from service. He got gratuity, PF and leave encashment money totally Rs 40 lac from his employer. He has no children. He is not so healthy to earn something or do some business. He did not get any pension. He wants to keep this money in Post Office to earn monthly income. Is this income halal for him. If not what should he do for the money.

    Answer ID: 64211

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 580/575/N=06/1437)

    It is unlawful and haram to deposit a large amount in the bank or Post Office as fixed deposit and receive monthly or annual interest on it. It Is not lawful in Islam. If the person mentioned in the question cannot do the business himself he can do it with partnership of some relatives such as his bhanja or bhatija etc or buy some shop or house and give it on rent as it is a lawful income source on monthly basis.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India