A man depositing his money in the bank out of fear for its safety
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The second question of Fatwa No. ( 4997 )
Q2: Is depositing money in banks that deal in riba permissible if a Muslim fears for his money, and what is the ruling on dealing with those interest-based banks in non-interest transactions? For example: transferring amounts abroad and domestically, where there is a benefit for us (Muslims) that is monopolized by those banks.
A2: First: Depositing money in banks that deal in riba is not permissible, even if no interest is taken on it, because it involves cooperation in sin and aggression. And Allah the Exalted said:[Al-Ma'idah 5:2] , except if a Muslim fears the loss of his money and finds no way to preserve it other than depositing it in an interest-based bank; in that case, he is granted a dispensation to do so without interest on this deposit; by committing the lesser of two harms and avoiding the greater. Second: Dealing with interest-based banks in permissible transactions, such as transferring
money, is permissible when there is a need for it, whereas dealing with them in forbidden transactions is not permissible.
Q2: Is depositing money in banks that deal in riba permissible if a Muslim fears for his money, and what is the ruling on dealing with those interest-based banks in non-interest transactions? For example: transferring amounts abroad and domestically, where there is a benefit for us (Muslims) that is monopolized by those banks.
A2: First: Depositing money in banks that deal in riba is not permissible, even if no interest is taken on it, because it involves cooperation in sin and aggression. And Allah the Exalted said:
but do not cooperate in sin and aggression
وَلاَ تَعَاوَنُوا عَلَى الإِثْمِ وَالْعُدْوَانِmoney, is permissible when there is a need for it, whereas dealing with them in forbidden transactions is not permissible.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.