What are the circumstances in which it is permissible for a Muslim to place his money in a bank?
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The Shaykh : A questioner here asks: What are the circumstances in which it is permissible to place money in a bank, and he requests a detailed explanation?
The answer, in brief—and there is no room for detail—is that it is obligatory for Muslims not to deal with banks as long as they are able to do so, let alone that it is not permissible for them to place their money in banks such that the bank manages this money and the bank’s foundation is the money of these depositors who place their funds in banks; this is cooperation in evil, and this is not permissible in Islam.
The answer, in brief—and there is no room for detail—is that it is obligatory for Muslims not to deal with banks as long as they are able to do so, let alone that it is not permissible for them to place their money in banks such that the bank manages this money and the bank’s foundation is the money of these depositors who place their funds in banks; this is cooperation in evil, and this is not permissible in Islam.
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.