Dr. Muhammad Rawwas's proposal regarding bank deposits
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The first question of Fatwa No. ( 17314 )
Q1: I read a proposal by Dr. Muhammad Rawwas Qal'aji, which is to divide bank deposits into two categories: the first category is what you need constantly, and this is deposited without any interest on it. The second category is what you do not need for a long time, either for a month or more, and for this, one may take interest on it, but does not put it into one's own money; rather, it is given to the poor and needy Muslims. He justified his answer by saying: You are compelled to deposit in riba-based banks, as there is no alternative that fulfills the purpose, and you fear that it will be stolen from you, or that a calamity will befall it with you, and therefore you deposit it as a precaution against anything that may occur. In this case, riba-based interest occurs, and it must fall into one of three cases: The first case: either the bank takes it; here, it is aiding them in what is forbidden. The second case: burning it; here, it is a waste of this wealth. The third case: giving it to the poor and needy Muslims; in this case, you are not considered to have a reward for it, but rather you are saved from sin due to the deposit in the banks. Is this statement permissible? If it is permissible, to whom is it distributed? If it is not permissible, what is the action for one who has such an amount, should he leave it for the bank or give it to someone?
A1: The aforementioned proposal is invalid; because it permits dealing in riba which Allah and His Messenger have forbidden, and the Muslims have agreed upon its prohibition for any
purpose it may be, and charity is only from good earnings; because Allah is Good and accepts nothing but what is good, and there are many permissible ways to invest money without riba, praise be to Allah.
Q1: I read a proposal by Dr. Muhammad Rawwas Qal'aji, which is to divide bank deposits into two categories: the first category is what you need constantly, and this is deposited without any interest on it. The second category is what you do not need for a long time, either for a month or more, and for this, one may take interest on it, but does not put it into one's own money; rather, it is given to the poor and needy Muslims. He justified his answer by saying: You are compelled to deposit in riba-based banks, as there is no alternative that fulfills the purpose, and you fear that it will be stolen from you, or that a calamity will befall it with you, and therefore you deposit it as a precaution against anything that may occur. In this case, riba-based interest occurs, and it must fall into one of three cases: The first case: either the bank takes it; here, it is aiding them in what is forbidden. The second case: burning it; here, it is a waste of this wealth. The third case: giving it to the poor and needy Muslims; in this case, you are not considered to have a reward for it, but rather you are saved from sin due to the deposit in the banks. Is this statement permissible? If it is permissible, to whom is it distributed? If it is not permissible, what is the action for one who has such an amount, should he leave it for the bank or give it to someone?
A1: The aforementioned proposal is invalid; because it permits dealing in riba which Allah and His Messenger have forbidden, and the Muslims have agreed upon its prohibition for any
purpose it may be, and charity is only from good earnings; because Allah is Good and accepts nothing but what is good, and there are many permissible ways to invest money without riba, praise be to Allah.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.