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In Islam Interest is completely prohibited, What should I do in my case?


Assalam u Alaikum
I want to apply for study in canada and for this purpose i need a GIC.
A GIC is an account which i will open in a canadian bank and then transfer my funds to this account to prove that i can bear their living expenses.
When i will go to canada they will return back my funds within a given period of time along with interest.
In Islam interest is completely prohibited.
Kindly guide me what should i do?


Wa Alaykumussalam

Thank you for your query.

There is no problem in it. Just don’t stipulate the conditions of interest.

According to Ayatullah al-Udhma Sayyid Ali Sistany:

Question: If I know that the bank will give me interest even without stipulating the conditions, is it permissible for me to deposit in a savings account that takes the form of a term-deposit?

Answer: Yes, it is permissible, as long as you do not stipulate the conditions of interest.

Question: Is it permissible to deposit or borrow money from Muslim banks whereby the interest is either received or paid out?

Answer: It is permissible to deposit money in a bank without prior condition for interest and it is as well permissible to take interest, if the bank in which money is deposited belongs to Muslims. If it belongs to government, it is permissible to take interest provided that half of the interest is given away to poor people (Momineen of them).

May Allah(swt) grant you success


Syed Haider