The Ruling on Sending and Receiving Bank Transfers Through Interest-Based Banks
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The questioner: May the Shaykh explain, what is the ruling on sending and receiving bank transfers through interest-based banks, since it is faster?The Shaykh: Describe it to me! The questioner: A person sent a transfer to someone in a certain city through an interest-based bank to save time, because it is fast. What is the ruling on that, O Shaykh?
I tell you an important rule: Dealing with banks in a permissible manner is fine. For example, I may buy from them, exchange money with them, or transfer through them; there is nothing wrong with this. However, what is prohibited is riba (usury or interest). So if there is no riba, there is no harm. It is established that the Prophet (peace and blessings be upon him) bought from the Jews and accepted gifts from them, even though they consumed illicit wealth and took riba. The Prophet (peace and blessings be upon him) died while his armor was pledged with a Jew.
The Shaykh: Did you understand the answer now? There is no harm in transferring through banks.
The questioner: So what is the forbidden thing in them, then?The Shaykh: The forbidden thing is the interest, or what they call interest, which is actually a loss. So the forbidden thing is riba (usury or interest), which is when you deposit money and are given something in return for depositing it, or when you take money and give them something in return for taking it.
I tell you an important rule: Dealing with banks in a permissible manner is fine. For example, I may buy from them, exchange money with them, or transfer through them; there is nothing wrong with this. However, what is prohibited is riba (usury or interest). So if there is no riba, there is no harm. It is established that the Prophet (peace and blessings be upon him) bought from the Jews and accepted gifts from them, even though they consumed illicit wealth and took riba. The Prophet (peace and blessings be upon him) died while his armor was pledged with a Jew.
The Shaykh: Did you understand the answer now? There is no harm in transferring through banks.
The questioner: So what is the forbidden thing in them, then?The Shaykh: The forbidden thing is the interest, or what they call interest, which is actually a loss. So the forbidden thing is riba (usury or interest), which is when you deposit money and are given something in return for depositing it, or when you take money and give them something in return for taking it.