Where’s the best place to put savings while you decide what to invest in?

Everyday Islamic Finance Personal and Family Finance
#1

Assalamu allaikum,

I would like to know where or what type of account is the best place to just leave savings safely while I decide what to do with them in terms of investing. They are currently in a mainstream bank, so want to remove it from there asap, but don’t want to just invest in anything risky just yet and just want something a bit safe for the time being.

Also if I decide to start an investment for a child is it better to start off small and add to it monthly, or begin with a lump sum and then keep adding monthly.

If you have a few children, is it better to save all their money collectively in one account and apportion it when needed or just do a separate savings accounts for each child?

#2

Aleykum selam,

The best place would be a checking account at an islamic bank.

If you already have that money, it is better to invest it all at once instead of waiting and investing only a part of it every month.

I personally think that it does not matter, if you want to give all the same amount.

#3

Jazakallah hu khairun

#4

Assalaamu Alaykum,

Thanks for providing a solution.