Is it halal to have fixed deposit in islami bank?
Is it halal to have fixed deposit in islami bank ChatGPT said: Whether having a fixed deposit in an Islamic bank is halal (permissible) depends on how the deposit is structured according to Islamic finance principles. Here's a breakdown: ✅ Halal – If Structured According to Shariah (Islamic Finance) Islamic banks do not offer fixed deposits in the conventional sense (which involve guaranteed interest), because interest ( riba ) is prohibited in Islam. Instead, they use Shariah-compliant investment models such as: Mudarabah (Profit-Sharing) : You deposit money as an investor (Rab-ul-Mal). The bank invests your funds in Shariah-compliant business ventures. Profits are shared between you and the bank based on a pre-agreed ratio. Losses are borne by you (unless due to bank negligence). The return is not guaranteed — only the profit-sharing ratio is fixed. Wakala (Agency Agreement) : You appoint the bank as an agent to invest on your behalf. The b...