What is the ruling on depositing one's money in Al-Rajhi Bank? If it is forbidden, where should one place one's money if one fears for its safety?

The questioner : My Shaykh, regarding Al-Rajhi Bank; do you have an idea about the status of depositing money there?

The Shaykh : All of us are like that, just as that Turk said.

The questioner : Some shaykhs have issued a ruling that it is permissible to deposit money in Al-Rajhi Bank.

The Shaykh : My brother, unfortunately, the Shaykhs hear the question and give the answer; they do not delve into what is behind the question. Does Al-Rajhi Bank have capital in the millions or not?

The questioner: Yes.

The Shaykh : Where is this capital?

The questioner : I do not know, my Shaykh.

The Shaykh : Imagine, let us see.

The questioner : In the banks, it must be there.

The Shaykh : So then?

The questioner : Ibn Baz, meaning they say Ibn Baz issued a fatwa on this.

The Shaykh : I am here now compelled to remain silent, do you see how it is?

The questioner : So it is not permissible?

The Shaykh: No.

The questioner : May Allah reward you with good.

The questioner : What is the solution, my Shaykh? Where does one who has millions or a lot of money place it?

The Shaykh : With Allah.

The questioner : For one who does not feel safe keeping it in his home or in some place?

The Shaykh : With Allah, - and upon you be peace, the mercy of Allah, and His blessings, welcome - , is the verse abrogated, is that not so?

The questioner: Yes.

The Shaykh : The verse is abrogated.

The questioner : I do not know about it.

The Shaykh : I know that it is abrogated, but from the hearts of the Muslims, I - Glory be to Allah! - every time this issue is raised, where does it go?
I was once asked this question in Britain, and there they exaggerated the problem more than in this country; there are murderers, thieves, and robbers, and so on. Where do we go with the money? We told him, my brother, now each of you, Allah has blessed you with thousands or millions, will you place it in an exposed place in the house? And not only that, but you will raise a flag on the house where this money is, saying, "Here is a precious treasure, and its location is such-and-such; so take it." Is that not the case? So each person earns money without the closest people to him knowing the amount or the quantity. And if he wants to preserve it, he puts it in a place - as the jurists say - a secure, protected place, and the people do not know except those he trusts as he trusts himself. What are we afraid of? Is it necessary for you to raise a flag and say, "Here is a lot of abundant money," so that you are exposed to looting, killing, and robbery? This is after relying on Allah. So when I said, "Where does it go?" I told you, to Allah. meaning: flee to His rulings. So the verse is read today but not acted upon. Among the most religious people, when they are tested with money, where do we go with the money? The bank, as if the bank means it is the Paradise that does not decay or perish, even though they know from the reality of banks that many banks have been robbed, bankrupted, burned, and so on. What did they gain from it?

The questioner : Nothing.

The Shaykh : Nothing. Well, Allah - Mighty and Majestic - is the best of guardians, and He is the Most Merciful of the merciful.

Another questioner : Well, transfer banks...

The questioner : Transferring money through banks?

The Shaykh : If there is no other way, there is no harm; it is a dire necessity.

The questioner : Safes for keeping money?

The Shaykh : What boxes? The ones al-Tantawi issued a fatwa permitting?

The questioner : I have not heard, but there are now at the banks boxes like safes, meaning.
Abu Layla : The safe deposit boxes.

The Shaykh : Ah, the safe deposit boxes, this is one of the exits, but these do not suit the merchants; these suit the one who wants to preserve his money. As for the merchants who want to take goods from abroad and want the bank to mediate in the matter, the money must be deposited in the bank, not in the box.