Monzo Bank- Round Up feature

Everyday Islamic Finance Islamic Finance Companies/Products
1

Salaam Alaykum

One of the features of monzo is that they round up your transactions to the nearest pound. Is the round up money halal?

2

Wa alaykum salaam,

Can you provide a link where they descirbe this?

3

Here you go:

4

Salaam Alaykum, have you had a chance to look into this?

5

salaam,

If I’m not mistaken, the round up money is not given to you, its taken from your own account and transferred into a savings pot of your choice.

Perhaps you thought that it was money given by Monzo to you which made you question whether it was permissible.

Example - You buy something from Amazon for £9.55 using your Monzo card. £10 will be taken out of your current account. £9.55 for Amazon and 45p to your savings pot.

Allah knows best.

6

Wa alaykum Salaam,

Thanks for the clarification!