Salam. As someone who lives in the UK is it permissible to have conventional bank accounts to store money, due to earned interest, as opposed to the few Islamic banks we have available? Some banks offer foundation accounts which are interest-free however very restrictive and not practical as a long-term solution (especially for business). As far as I am aware all other types of accounts earn interest so if one was to utilize these would it be permissible to simply discard any interest earned as charity as banks can provide this exact figure for the tax year? Jzk
Wa alaykum salaam,
There are conventional banks which offer interest free accounts for businesses. You should exhaust your search of such facilities first.
Jzk for the reply :). Do you know of any off hand?
I personally wouldn’t want to recommend any conventional bank. But if you have no option but to get a business account with a conventional bank, you are encouraged to search all the possibilities to secure a no interest account.