Is it permissible to transfer the salary from the factory to the Islamic bank out of fear of theft?

The questioner : Regarding the issue of transferring his salary to the Islamic bank as a trust, is it permissible or not?

The Shaykh : How does he want to transfer it?

The questioner : I mean, he transfers his salary and receives it from the Islamic bank. An employee wants to transfer his salary to the Islamic bank as a trust with them, but as a trust?

The Shaykh : Is there a trust in the Islamic bank?

The questioner : No, I mean transferring his salary to the bank only. That is the question. The issue of transferring the employee's salary to the Islamic bank, is it permissible or not, without taking interest or anything else?

The Shaykh : This employee, my brother, who are you referring to? Where is the employee?

The questioner : In a government department.

The Shaykh : Good. Why does he want to transfer the money?

The questioner : On the basis that he is afraid for it from theft or something else.

The Shaykh : That is it. I thought my question was not relevant, but I now feel that it is relevant. I asked you about a trust box in the Islamic bank?

The questioner : I do not know.

The Shaykh : Yes, that is the answer. Meanwhile, I asked you about giving you the watch and you did not answer me.

The questioner : I do not know about a trust box.

The Shaykh : We know, my brother, that the major banks have trust boxes where money is deposited. In exchange for depositing and not dealing with these monies, the bank takes a monthly or annual fee. So when you said you want to transfer your salary, or that employee wants to transfer his salary and place it in the bank as a trust, my mind went to a trust, meaning a trust box. Therefore, I asked you if the Islamic bank has one? The important thing, my brother, is that if the one who wants to protect his money in one of the banks puts it in a box with two keys, one key for his pocket and one key for the bank employee, whenever he wants to take something, he cannot take anything, and that employee cannot reach out, unless the two keys are opened before him so that he can take what he wants. In exchange for this box, you pay a fee. This is lawful and permissible. But if you simply put your money in the Islamic bank or a non-Islamic bank and do not take interest, as they call it, and it is riba, the correct term is riba, not interest, but what do you think, for the sake of Allah, are they going to put your money as a trust with them? No, they want to work with it. So it is not permissible to place your money as a trust, except by way of the box, the trust box, and you pay its fee.

The questioner : Is this available in the Islamic bank?

Another questioner : In the Arab Bank, there is a box, but there is an issue that must fall into the forbidden. The same amount that you deposit or that you pay, you say there is a fee amount, but there is an insurance amount they require with the payment of the fee. In this time, they require that you place an insurance amount of twenty-five dinars. In case of handing over the box, you take this amount.

The Shaykh : Insurance against what?

The questioner : Against fire or theft or such, and they do not know in the first place what is in the box. So they take these amounts, and upon the good handover of the box, they return the amount to you.

The Shaykh : I am hearing for the first time that insurance on the watch, what do they insure the box in their possession against? I am hearing this thing for the first time today.

The questioner : ...My lord, I have one thousand dinars. If I put them in my house, they will be stolen, so I want to go and put them in the bank. If they gave me eight percent, meaning eight thousand dinars, to spend on me and my children, is this forbidden?

The Shaykh : I answered you there. I answered you.

The questioner : ...They have four and the four...
The Shaykh: We said, I gave you the watch. Is the matter clear to you or not? Because this question, it is as if I answered it. Is there anything new in your question?

The questioner : The new thing, my lord, is that if I take, for example, one hundred thousand dinars
and put them in the bank and take eight thousand dinars on them, to spend on my children and eat from them and drink from them and build from them, is this forbidden, and where do I put them?

The Shaykh : I did not understand what is forbidden?

The questioner : I mean, is murabahah in the Islamic bank forbidden?

Another questioner : I have an amount of one hundred thousand dinars, and I put them in the bank and take profits of eight thousand dinars on them, to spend and eat and drink from them, and the capital remains fixed in its place.

The Shaykh : In exchange for what do you take this money?

The questioner : In place of putting my money in the bank.

The Shaykh : May Allah guide you. This is riba itself.

The questioner : Exactly.

The Shaykh : And one hundred fixed, what is fixed? Therefore...

The questioner : ...