Bank Deposit
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Question
Is it permissible to deposit a sum in a bank [giving them money they can lend with interest and share the interest]? I am asking from the perspective of interest/heter iska? Also, from a philosophical standpoint, does the rabbi recommend this [the profit is guaranteed without any risks]? And is it permissible to do this with tithe money?
Answer
Hello,
Halachically, a heter iska is required.
Philosophically, it is certainly better to deposit in a gemach, but there is no problem or prohibition in depositing in a bank.
It is forbidden to invest tithe money; it is permissible to deposit tithe money in a gemach until it is given to those in need, as in the meantime, a mitzvah is being performed.