Is there any halal/Islamic bank in USA?
I am saving up money every month in an interest free account. I have a few grands there and I was thinking if I put the money in traditional interest account I could probably earn some more every year. But bank interest is not allowed. I was wondering what could be a halal way to invest this unused money (not enough money to start any business tho). BTW, earnings from Islamic banks, which run under Shariah, is Halal. I'd appreciate your answers/comments/suggestions. Thanks and May Allah bless you all. ummB, when I opened my account, I told the rep that make sure I'm getting an interest free account. It's Astoria Bank.
Public Comments
- uh.... no. This is America, not an Islamic country.
- Don't know about Halal, but you should be able to earn interest in any US bank. Try a Money Market account, instead of savings. Mine earns over 4%
- Are you serious? In the USA all banks operate with the FDIC ( that's Federal Deposit Insurance Corporation). If you want Shariah, you need to bank somewhere else. BTW, nothing in the US runs under Shariah.
- I'm in the UK and we have a Lloyds TSB bank that has a Shariah account (I have one.) I don't know if they have one in the US though.
- I couldn't find any interest free accounts. Mine gets interest but I give it away and yes, I know I won't get rewarded for it but I suppose I won't inshaAllah be punished because I don't even want the interest and I don't consider it mine. I have not heard of any banks like this in the united states. I give regular charity and don't consider this interest as part of it. I feel like throwing it in the garbage but I don't think that is right either. What bank do you go to if there is no interest? kr toron, because I need to pay bills. I live in an apartment as I cannot afford to buy a home without a mortgage (riba) and I don't trust a safe in my apartment. Somebody could come and steal it.
- No, I don't think there is one in America as there is nothing really run by Shariah.
- I'm not aware of ANY bank that operates like this - what is the point of giving your money to the bank if all it is going to do is sit there??? You could always just buy a SAFE - and keep the money safely locked up in your home... Sorry I don't know more about this particular custom in order to help you out ;);)
- A BANK can not be HALAL
- I was not able to find one in my area, but I found this link. Not sure if it helps or if it is true and up to date. http://www.islamic-banking.com/ibanking/ifi_list.php Other info: http://www.isnacanada.com/islamicbanking.htm
- put it in a non-interest bearing checking account. you will have no problem finding one of those.
