The Ruling on Depositing Money in Banks
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What is your opinion regarding the banks in which we deposit our money? And which bank do you recommend, O Shaykh?
As for placing money in banks, I do not see it as permissible except out of necessity, such as if a person fears for the safety of his money in his home, he places it in these banks out of necessity for that.And I say: It is permissible to place it in banks out of necessity; because banks are not 100% riba (usury or interest), as they have many good transactions that are not forbidden. Otherwise, if their transactions were 100% riba (usury or interest), we would say: if your money burns, do not place it with them; because you would be a partner with them in riba (usury or interest).And with this we say: If necessity calls for placing your money in banks, if the banks do not deal except in riba (usury or interest), do not place it in them ever, even if the money burns or you dig a hole and put it in it, do not place it in the banks.
And as for if they deal with something permissible and something forbidden, there is no harm in placing the money with them out of necessity. As for which bank is better, I do not know which bank has the best dealings, but it is said that Al-Rajhi Company is safer than the others in dealing with riba (usury or interest).
As for placing money in banks, I do not see it as permissible except out of necessity, such as if a person fears for the safety of his money in his home, he places it in these banks out of necessity for that.And I say: It is permissible to place it in banks out of necessity; because banks are not 100% riba (usury or interest), as they have many good transactions that are not forbidden. Otherwise, if their transactions were 100% riba (usury or interest), we would say: if your money burns, do not place it with them; because you would be a partner with them in riba (usury or interest).And with this we say: If necessity calls for placing your money in banks, if the banks do not deal except in riba (usury or interest), do not place it in them ever, even if the money burns or you dig a hole and put it in it, do not place it in the banks.
And as for if they deal with something permissible and something forbidden, there is no harm in placing the money with them out of necessity. As for which bank is better, I do not know which bank has the best dealings, but it is said that Al-Rajhi Company is safer than the others in dealing with riba (usury or interest).