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IslamQA: Muslim alternatives to savings accounts

Salam, Since savings accounts aren't an option because of interest, are there other alternatives you know of where muslims in the west can safely keep their monthly savings?

Alaikumassalam wa rahmatullah,

If you live in Britain, Al Rayan Bank offers Islamic savings accounts where the income is from rent rather than interest. In the US, Bank of Whittier offers similar savings accounts. There is also the Azzad Wise Capital Fund, a mutual fund that earns income from Islamic bonds (sukuk).

And God knows best.
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