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﴿ فَاسْأَلُوا أَهْلَ الذِّكْرِ إِن كُنتُمْ لَا تَعْلَمُونَ ﴾

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The Ruling on Deposits in Banks

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Question:
He says: What is the Shari'ah's view on the banks that exist today? Is it permissible to deal with them and deposit money with them? And where do we put our money and await your victory?

Answer:
Deposits in banks are of two types. A deposit without taking interest, intended only for safekeeping—opening an account solely to keep your money safe—is permissible out of dire necessity if there is no safe place to put your money other than the bank, and you fear for it from theft or loss. It is permissible to make a deposit that does not result in investment for you, but only in the safekeeping of your money, out of dire necessity. If you find a place other than the bank, it is not permissible to deposit in the bank. If you do not find one, this falls under dire necessity.
This is the first type: depositing for safekeeping is permissible in cases of dire necessity. As for depositing for investment and taking the increase of riba (usury or interest), this is forbidden. This is the interest-bearing deposit we spoke about recently. Yes.
Source مشروعية البنوك المعاصرة — alfawzan.live

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

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