Depositing money in a bank for one who has no commercial activity
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The first question of Fatwa No. ( 7495 )
Q1: I have some cash amounts, and I have deposited them in one of the investment banks prevalent here and nowhere else, including the Islamic one, because it is not subject to laws of confiscation and insurance. I should note that I have no commercial activity to utilize those amounts in, and I work in a government job.
A1: It is not permissible for you to deposit the cash amounts you have in interest-based banks for investment, even if you do not have a commercial activity that you carry out yourself; because of the participation in interest-based investment and cooperation with it that this entails. There are many ways to invest other than banks; such as profit-sharing partnerships with trustworthy trustees.
Q1: I have some cash amounts, and I have deposited them in one of the investment banks prevalent here and nowhere else, including the Islamic one, because it is not subject to laws of confiscation and insurance. I should note that I have no commercial activity to utilize those amounts in, and I work in a government job.
A1: It is not permissible for you to deposit the cash amounts you have in interest-based banks for investment, even if you do not have a commercial activity that you carry out yourself; because of the participation in interest-based investment and cooperation with it that this entails. There are many ways to invest other than banks; such as profit-sharing partnerships with trustworthy trustees.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.