The ruling on depositing money in banks that deduct from the deposited funds
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Some banks, if you deposit an amount of money less than five thousand riyals, deduct ten riyals monthly from this amount. What is the ruling on depositing in this manner?The Shaykh: Meaning, you deposited four thousand in the bank.
The questioner: Four thousand—for example—if a month passes and you withdraw the amount, ten have been deducted from it.
The Shaykh: Why?The questioner: They deduct it, saying: The balance must not fall below five thousand, in order to raise the balances of depositors.
The Shaykh: What is the ten riyals compensation for?The questioner: I do not know, O Shaykh.
The Shaykh: How can you not know? You should know. I see that they took it without right; because if the one who deposited with them benefited from its being safe, they also benefited from using it; because in reality, he is lending it to them, is he not? Once it enters the bank’s vault, the bank disposes of it as it wishes?The questioner: Yes.
The Shaykh: So: this is a loan, so how can they take interest on the loan?And it came in the hadith: (Every loan that brings benefit is usury) So the bank taking these ten is injustice and usury, and it is not permissible for them.
The questioner: So, is it not permissible to deposit in this manner, O Shaykh?The Shaykh: In this manner, no, because you will have facilitated usury,And the Messenger (peace and blessings be upon him): (Cursed is the one who eats usury and the one who facilitates usury) .
The questioner: But, O Shaykh, the five thousand may decrease over time.
The Shaykh: It will decrease if you withdraw from it. There is nothing wrong if they do not take anything from it.
The questioner: They do not take anything.
The Shaykh: You are saying four thousand or less?The questioner: Five thousand or less.
The Shaykh: They do not take from the five thousand?The questioner: Yes.
The Shaykh: There is nothing wrong with it.
The questioner: But over time, the balance will decrease.
The Shaykh: Yes, it will decrease, but they are satisfied, and the bank owner is satisfied, is he not?The questioner: Yes.
The Shaykh: It has ended.
The questioner: So: is it permissible if it is more than five thousand?The Shaykh: The important thing is that it is permissible if they do not take anything from you, and it is not permissible if they take anything from you,Second: According to the opinion of permissibility, one does not deposit in the bank except out of need, because the bank will use it, so do not deposit with them except for a need.
The questioner: Four thousand—for example—if a month passes and you withdraw the amount, ten have been deducted from it.
The Shaykh: Why?The questioner: They deduct it, saying: The balance must not fall below five thousand, in order to raise the balances of depositors.
The Shaykh: What is the ten riyals compensation for?The questioner: I do not know, O Shaykh.
The Shaykh: How can you not know? You should know. I see that they took it without right; because if the one who deposited with them benefited from its being safe, they also benefited from using it; because in reality, he is lending it to them, is he not? Once it enters the bank’s vault, the bank disposes of it as it wishes?The questioner: Yes.
The Shaykh: So: this is a loan, so how can they take interest on the loan?And it came in the hadith: (Every loan that brings benefit is usury) So the bank taking these ten is injustice and usury, and it is not permissible for them.
The questioner: So, is it not permissible to deposit in this manner, O Shaykh?The Shaykh: In this manner, no, because you will have facilitated usury,And the Messenger (peace and blessings be upon him): (Cursed is the one who eats usury and the one who facilitates usury) .
The questioner: But, O Shaykh, the five thousand may decrease over time.
The Shaykh: It will decrease if you withdraw from it. There is nothing wrong if they do not take anything from it.
The questioner: They do not take anything.
The Shaykh: You are saying four thousand or less?The questioner: Five thousand or less.
The Shaykh: They do not take from the five thousand?The questioner: Yes.
The Shaykh: There is nothing wrong with it.
The questioner: But over time, the balance will decrease.
The Shaykh: Yes, it will decrease, but they are satisfied, and the bank owner is satisfied, is he not?The questioner: Yes.
The Shaykh: It has ended.
The questioner: So: is it permissible if it is more than five thousand?The Shaykh: The important thing is that it is permissible if they do not take anything from you, and it is not permissible if they take anything from you,Second: According to the opinion of permissibility, one does not deposit in the bank except out of need, because the bank will use it, so do not deposit with them except for a need.