What is the ruling on opening a bank account to receive financial aid?
Machine translationRead the Arabic original
Question:
The questioner asks: What is the ruling on opening a bank account to receive financial aid for a charitable organization?
Answer:
There is nothing wrong with that, provided that it does not involve riba (usury or interest) investment. Rather, the account is opened for donors who deposit their donations in the bank purely for the purpose of deposit, not for investment. It is for deposit and safekeeping only. There is nothing wrong with that, because people need this, and it helps the donors by preserving the money from being lost. What is forbidden is riba investment; that is what is forbidden. Yes.
The questioner asks: What is the ruling on opening a bank account to receive financial aid for a charitable organization?
Answer:
There is nothing wrong with that, provided that it does not involve riba (usury or interest) investment. Rather, the account is opened for donors who deposit their donations in the bank purely for the purpose of deposit, not for investment. It is for deposit and safekeeping only. There is nothing wrong with that, because people need this, and it helps the donors by preserving the money from being lost. What is forbidden is riba investment; that is what is forbidden. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم فتح حساب في البنك لاستلام المساعدات المالية؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.