No. Your body needs food to function. By fasting you are getting your body prepared to hold on to it's next meal cause it doesn't know when it will get another one.
Work out your maintenance calories then subtract 500, making sure to take into account any physical activity you do throughout the day.
Not only is this better for your body, it will make it much easier to keep the weight off, rather than starving yourself and putting it all back on plus more.
I have had several doctors tell me that Fasting is a healthy activity to do. However you should not do this more than once a month at the most often.
It helps the gut clean itself out and gives it time to relax. This also helps clean the system (GI tract) allowing for better movement when you eat again.