The ruling on placing money in banks with interest
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Question:
Regarding interest, is it not permissible to place money in banks with this interest?
Answer:
Placing money in banks is not advisable because it is processed for them with riba (usury or interest), except in cases of dire necessity. If he cannot find a place to keep it, and he places it with them without interest, it is not permissible, but there is no blame on him. If he places it in a safe deposit box with them, even for a fee, and it is preserved, if Allah wills, for the sake of dire necessity without interest, that is acceptable. If he finds another place where he can invest his money, trade with it, or employ it in a tenancy, that would be better for him and more fundamental. Yes.
Regarding interest, is it not permissible to place money in banks with this interest?
Answer:
Placing money in banks is not advisable because it is processed for them with riba (usury or interest), except in cases of dire necessity. If he cannot find a place to keep it, and he places it with them without interest, it is not permissible, but there is no blame on him. If he places it in a safe deposit box with them, even for a fee, and it is preserved, if Allah wills, for the sake of dire necessity without interest, that is acceptable. If he finds another place where he can invest his money, trade with it, or employ it in a tenancy, that would be better for him and more fundamental. Yes.
Source
واجب الرجل والمرأة — islamhouse.com (1:02:14)
The Arabic text is a machine transcription of the audio recording.