QUESTION:
On the FNB Bank app, there is an option called “bank your change” (BYC). Will this be permitted in Shariah?
ANSWER:
‘Bank your change’ in our understanding, is where the bank transfers small change from your banking account into a savings pocket. This savings pocket accrues interest on one’s credit balance.
One is permitted to utilize the capital transferred from one’s banking account into the savings pocket but using the accrued interest or ‘profit” is Haraam. However, it is best that one refrains from using the savings pocket as one is required to always keep track of the capital amount and interest. The interest needs to be withdrawn and given out in charity to recipients of Zakaat without any intention of reward. It is also possible that one errs in his calculations with the result that interest funds remain in the savings pocket. In such an instance, one will be utilizing interest funds which are Haraam. Hence, it is best to keep one account only.
ALLAH TA’ALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST!
ANSWERED BY:
Mufti Mohammed Desai
Date:- 19 Jumadal Ula 1445 / 03 December 2023
