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Fatwa #122306 August 2004India

I would like to know whether I can invest an amount of my money in a tax saving scheme with the intention of not accepting the interest out of that.

Question

I am working in a Software company in India. I would like to know whether I can invest an amount of my money in a tax saving scheme with the intention of not accepting the interest out of that. It is mandatory for me to have a bank account to work in my company, so that even if I am not investing in a tax saving scheme the money will be in that bank. Kindly expecting the reply. Ma'salam

Answer

It is permissible for you to invest your money in a tax saving scheme if it is mandatory for you to have your money in either the Bank or in the Scheme.

It is obviously not permissible for you to use the interest from any investment, the Bank or the Scheme.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai
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