Why can muslim's not receive or pay interest on bank accounts?

Answer Because, as per the Islamic laws, paying or receiving interest on money and loans is considered Haram or Illegal. So, Islamic banking practices were started to provide banking services to customers... Read More »

Top Q&A For: Why can muslim's not receive or pay interest on...

How is interest calculated on bank accounts?

Interest is a fee paid for borrowing money. When you put money in a savings account, your bank pays you for the use of your money. Your annual percentage yield (APY) is affected by how often your b... Read More »

What is the average interest earned from bank accounts?

The average interest rate for savings accounts as of June 4, 2010 was 0.850%. With a little shopping around you can get a rate a high as 1.30%. One of the lowest rates listed was a paltry 0.10%.Sou... Read More »

What was the purpose motivating regulators to impose interest ceilings on bank savings accounts?

In 1933, Congress passed the Banking Act to restore financial stability during the Great Depression. Regulation Q of that Act limited the interest rates banks could pay on savings accounts. Accordi... Read More »

How to Locate Bank Accounts in a Bank That Closed?

If your bank fails there is a process that allows you to locate your bank accounts including checking, saving, certificates of deposit (CDs), money market accounts and loans. Failed banks are close... Read More »