What is the ruling on placing money in banks?
Machine translationRead the Arabic original
Question:
This person is asking about placing money in banks.
Answer:
If the intention is to place it there for safekeeping only, without investment, there is nothing wrong with this out of dire necessity. It is out of dire necessity because what is in a safe place where you fear for it from theft, if you deposit it in the bank, this is safe by the permission of Allah. You do not take interest on it; rather, you only take back your principal. This is permissible. As for the one who deposits in banks for the sake of riba (usury or interest) investment, this is forbidden and not permissible.
This person is asking about placing money in banks.
Answer:
If the intention is to place it there for safekeeping only, without investment, there is nothing wrong with this out of dire necessity. It is out of dire necessity because what is in a safe place where you fear for it from theft, if you deposit it in the bank, this is safe by the permission of Allah. You do not take interest on it; rather, you only take back your principal. This is permissible. As for the one who deposits in banks for the sake of riba (usury or interest) investment, this is forbidden and not permissible.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم وضع الأموال في البنوك؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.