What is the ruling on placing money in riba (usury or interest) banks?

The questioner : What is the ruling on placing money in banks or riba (usury or interest) institutions? Is there a difference between a bank that deals only in riba (usury or interest) and one that deals in riba (usury or interest) and other permissible transactions? If it is permissible in some of these cases, is the permissibility absolute, or is it for a pressing need, or for dire necessity?

The Shaykh : If the bank deals only in riba (usury or interest), it is not permissible to place your money in it, because you would be assisting it in riba (usury or interest) 100%. And Allah the Exalted said: If it deals in riba (usury or interest) and other permissible transactions, then if the permissible is predominant and is the majority, placing money in it is less severe. If the majority is riba (usury or interest), then placing money in it is more severe. Then, it should not be placed in it except in case of a pressing need. The second one? Which one? The second one. Yes. Yes. The second one.

The questioner : And what is observed regarding the quarter, may Allah bless you, is whether it is the same for a current account and a savings account?

The Shaykh : Because if it takes riba (usury or interest) on what is placed in it, then even if the bank deals in halal (lawful) 100%, it is not permissible. But our discussion is about placing it in a current account.

The presenter : Prepared by the Project of the Senior Scholars in Kuwait, may Allah protect it with tawhid (the oneness of Allah)