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﴿ فَاسْأَلُوا أَهْلَ الذِّكْرِ إِن كُنتُمْ لَا تَعْلَمُونَ ﴾

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What is the ruling on depositing one's salary in banks, and is this considered a deposit or a loan?

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Question:
Honorable Shaykh, may Allah grant you success. The questioner says: Is depositing the salaries we receive from companies or the government in banks classified as a deposit or a loan?

Answer:
No, it is a deposit. You are the one depositing with them. He said it is a deposit, a deposit is called a deposit. This is permissible due to dire necessity, so that people can deposit their money. The amounts can be huge, and there is a danger to money in large sums. So, due to dire necessity, it is permissible to deposit without interest, a mere deposit only, without interest. This is permissible due to dire necessity. Yes. And if you are in a difficult situation, distribute this money among the people and be at ease. Yes.
Source قناة «العلامة الدكتور صالح الفوزان»، [1698 -3022] ما حكم إيداع الراتب في البنوك، وهل يعتبر هذا وديعة أم قرض؟ - الشيخ صالح الفوزان — youtube.com

The Arabic text is a machine transcription of the audio recording.

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