Savings account

السلام عليكم

I want to open up savings accounts for my children with a bank that has the least bank charges. Most have kids savings accounts, some of them incur interest. Can I open up such an account, incur the interest and use that money to pay off fines etc? Obviously care would be taken not to spend off that money on ourselves or to live off that money.

 

 

 

 

Answer

One should not have the intention of attracting interest, but rather that of safe keeping. If per chance there is interest in the account and one receives a fine, it is permissible to use the interest to pay the fine. However, one should not cultivate or accumalate interest for this purpose. The interest accruing should periodically be withdrawn and given away in charity without the intention of reward.

And Allah Ta'ala knows best

Was salaam

Emraan Vawda