Taking riba-based interest on funds deposited in banks, whether in cash or as a benefit
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Fatwa No. ( 17538 )
Q: I present to you this important topic, which concerns me, the shareholders, and their children, in the Experimental Non-Governmental Organization for the Muttawifs of Pilgrims from Southeast Asian Countries. It is summarized in several issues as follows: 1 - The first issue: The organization has large sums of money, praise be to Allah, and we are currently dealing with the Saudi French Bank. After the renewal of the board of directors members, another bank offered us a sum of money in exchange for our transfer to them and dealing with them. We ask about the ruling on this in writing? May Allah reward you with good, so that it may serve as proof for us.
2 - The second issue: The organization's funds are placed in the bank in a current account, and in return, the bank undertakes to pay the rent for the current building and insure some of the necessities the organization needs, as well as repair and maintain some of the broken equipment. What is the ruling on this? And is it possible to task the bank with building restrooms, purchasing computer equipment, and maintaining the cars? Knowing that the bank does not object to this, even if we ask for more. Knowing that this service is provided by the bank to every client who has a large balance of money, and if we leave it, these funds will return their benefit to outside the Kingdom, and may be used against Islam and Muslims. We ask Your Eminence to issue a fatwa on these two issues in writing; so that we can establish the proof against those who question and oppose us.
A : The answer to the two issues: It is not permissible to take riba-based interest on funds deposited in banks, whether these interests are in cash or other benefits, such as performing services for depositors like maintenance work and others. Rather, it is permissible to deposit in the bank for safekeeping only in case of dire necessity, without taking interest.
Q: I present to you this important topic, which concerns me, the shareholders, and their children, in the Experimental Non-Governmental Organization for the Muttawifs of Pilgrims from Southeast Asian Countries. It is summarized in several issues as follows: 1 - The first issue: The organization has large sums of money, praise be to Allah, and we are currently dealing with the Saudi French Bank. After the renewal of the board of directors members, another bank offered us a sum of money in exchange for our transfer to them and dealing with them. We ask about the ruling on this in writing? May Allah reward you with good, so that it may serve as proof for us.
2 - The second issue: The organization's funds are placed in the bank in a current account, and in return, the bank undertakes to pay the rent for the current building and insure some of the necessities the organization needs, as well as repair and maintain some of the broken equipment. What is the ruling on this? And is it possible to task the bank with building restrooms, purchasing computer equipment, and maintaining the cars? Knowing that the bank does not object to this, even if we ask for more. Knowing that this service is provided by the bank to every client who has a large balance of money, and if we leave it, these funds will return their benefit to outside the Kingdom, and may be used against Islam and Muslims. We ask Your Eminence to issue a fatwa on these two issues in writing; so that we can establish the proof against those who question and oppose us.
A : The answer to the two issues: It is not permissible to take riba-based interest on funds deposited in banks, whether these interests are in cash or other benefits, such as performing services for depositors like maintenance work and others. Rather, it is permissible to deposit in the bank for safekeeping only in case of dire necessity, without taking interest.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.