Depositing the funds of minors in banks that deal in interest
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The first and third questions of Fatwa No. ( 3830 )
Q1: Is it permissible to deposit the funds of minors in banks that deal in interest, whether local or foreign, for Muslims or others?
A1: It is not permissible to deposit funds in banks or financial institutions that deal in riba (usury or interest), except in cases of dire necessity. If one is compelled to do so in order to preserve the money, he deposits it with them without taking interest on the deposited funds.
Q1: Is it permissible to deposit the funds of minors in banks that deal in interest, whether local or foreign, for Muslims or others?
A1: It is not permissible to deposit funds in banks or financial institutions that deal in riba (usury or interest), except in cases of dire necessity. If one is compelled to do so in order to preserve the money, he deposits it with them without taking interest on the deposited funds.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.