Endowment: Investing Endowment Funds in Savings Accounts During Reconstruction
Practical Laws of Islam as per the teachings of Imam Khamenei
Endowment: Investing Endowment Funds in Savings Accounts During Reconstruction
English:
Question #2061:
A theology school building fell into disrepair. The proceeds, from its endowment, were deposited in the bank. Since rebuilding the school with these proceeds takes a long time, can the money be deposited in a savings account where it can yield some returns?
Answer #2061:
It is the legal duty of the trustee to spend the proceeds of the endowment in the avenues specified in the endowment deed. However, there is no problem in leaving the money with the bank, in a savings account, until such a time when it becomes possible to spend it appropriately provided that this would not lead to any delay in spending it in the avenues of the endowment in due course. Nor is there a problem in making some profit from the deposited money to spend it for the purposes mentioned in the endowment deed provided it is made by way of a legal contract.
-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Endowments