Ruling on placing money in an interest-based bank for one who needs it
Machine translationRead the Arabic original
Is it permissible for me to withdraw some or all of my money that was in the banks, from shares and such? But I did not inquire about when to withdraw it, or what to do with it. And if I were to keep it at home, I truly do not feel safe about it. What is your opinion on that?
My opinion on that: Placing money in banks falls into two categories. The first category is that one takes interest.Meaning: For example, the bank gives ten thousand riyals, and after a year, one takes eleven thousand. This is not permissible because it is explicit interest.
And the second category: The second is that one places it in the bank and does not take interest. In this case, it is better not to place it in the bank, because if one places it in the bank, the bank expands, its wealth increases, and its interest-based profits multiply.
But if one needs this, for example: If one fears for his money at home, there is no blame on him for placing it with the bank, but he must not take anything extra over what he placed. Let him know that some people call this a deposit, but it is not truly a deposit; rather, it is a loan. Because you give your money to the bank, and it places it in its vault and benefits from it. In a true deposit, the depositor does not benefit from it; the deposit is kept as is until its owner comes and asks for it.
Summary of the answer now: I tell you: if you need to place it in the bank, there is nothing wrong with it. But if you can preserve it without the bank, that is better and more excellent.
The questioner: I asked a little while ago about my money, or some of my money, that is in the banks, but I do not feel safe about it at home.
The Shaykh: I said: It is better to withdraw it from the bank. But if you are in need and you fear for your money, there is nothing wrong with it.
The questioner: What if I suspect that there is interest in it?
The Shaykh: No, you do not take interest from it.
The questioner: I do not take it.
The Shaykh: You give ten and you take ten.
The questioner: Perhaps they take interest on it.
The Shaykh: That is not your concern. This is why we said: It is better not to give it to them.
Because we fear that they will mix it with interest. But is the entire business of banks today one hundred percent interest? If that is the case, then it is not permissible to give it to them at all, even if you bury it in the dirt. But we know that banks have contracts, they have trades, and they have dealings other than interest.Some people say: It is absolutely forbidden because all of his wealth is interest! That is not correct. They take this and that, and they do this and that. And for that reason, we made the matter easy.If we said: If all of his business is one hundred percent interest, we said: It is better for you to bury your money in the dirt and let the earth consume it.
The questioner: I saw and read that on one bank’s check, on the second check, it is written: If your income does not increase—Meaning: your profit—by twelve riyals, then contact the one who gave you the check.
The Shaykh: No, there is nothing wrong with that.
The questioner: It says: If your profit does not increase.
The Shaykh: No.
Do not deal with him.
My opinion on that: Placing money in banks falls into two categories. The first category is that one takes interest.Meaning: For example, the bank gives ten thousand riyals, and after a year, one takes eleven thousand. This is not permissible because it is explicit interest.
And the second category: The second is that one places it in the bank and does not take interest. In this case, it is better not to place it in the bank, because if one places it in the bank, the bank expands, its wealth increases, and its interest-based profits multiply.
But if one needs this, for example: If one fears for his money at home, there is no blame on him for placing it with the bank, but he must not take anything extra over what he placed. Let him know that some people call this a deposit, but it is not truly a deposit; rather, it is a loan. Because you give your money to the bank, and it places it in its vault and benefits from it. In a true deposit, the depositor does not benefit from it; the deposit is kept as is until its owner comes and asks for it.
Summary of the answer now: I tell you: if you need to place it in the bank, there is nothing wrong with it. But if you can preserve it without the bank, that is better and more excellent.
The questioner: I asked a little while ago about my money, or some of my money, that is in the banks, but I do not feel safe about it at home.
The Shaykh: I said: It is better to withdraw it from the bank. But if you are in need and you fear for your money, there is nothing wrong with it.
The questioner: What if I suspect that there is interest in it?
The Shaykh: No, you do not take interest from it.
The questioner: I do not take it.
The Shaykh: You give ten and you take ten.
The questioner: Perhaps they take interest on it.
The Shaykh: That is not your concern. This is why we said: It is better not to give it to them.
Because we fear that they will mix it with interest. But is the entire business of banks today one hundred percent interest? If that is the case, then it is not permissible to give it to them at all, even if you bury it in the dirt. But we know that banks have contracts, they have trades, and they have dealings other than interest.Some people say: It is absolutely forbidden because all of his wealth is interest! That is not correct. They take this and that, and they do this and that. And for that reason, we made the matter easy.If we said: If all of his business is one hundred percent interest, we said: It is better for you to bury your money in the dirt and let the earth consume it.
The questioner: I saw and read that on one bank’s check, on the second check, it is written: If your income does not increase—Meaning: your profit—by twelve riyals, then contact the one who gave you the check.
The Shaykh: No, there is nothing wrong with that.
The questioner: It says: If your profit does not increase.
The Shaykh: No.
Do not deal with him.