Question:
Assalamu alaykum wa rahmatullah wa barakartu
A long time ago my grandma took out savings bonds for all the grandkids, she put $1,000 down. Well she recently cashed the savings bond and now its $5,000 my parents want me to use that money towards a new vehicle but I’m worried about some or all of it being haram for me to use. Would Allah forgive me or do i just keep the $1,000 and let my mom and dad keep the rest? I’d ask my mom and dad to trade me the money but my mom works at a bank so would her income be haram?
Thank you!!
Answer:
Wa `alaykum salam,
What pays back interest is Riba. Bond is not different from a loan that pays back interest. In this case the bond is a Riba instrument and the interest gained from it is Haram. Your mom’s income generated by working in a Bank is not Haram. Allah knows best.
Imam Senad Agic
American Islamic Center – Chicago
www.aicchicago.com
www.imamsenadagic.com
