The ruling on depositing one's money in Al-Rajhi Bank. If it is forbidden, where should one place one's money if one fears for its safety?

The questioner : My Shaykh, regarding Al-Rajhi Bank, do you have an idea about the status of depositing money there?

The Shaykh : It is all haram, just as that Turk said.

The questioner : Some shaykhs have issued a ruling that it is permissible to deposit money in Al-Rajhi Bank.

The Shaykh : My brother, unfortunately, the shaykhs hear the question and give the answer; they do not dig deep and look into what is behind the question. Does Al-Rajhi Bank have capital in the millions or not?

The questioner: Yes.

The Shaykh : Where is this capital?

The questioner : I do not know.

The Shaykh : Imagine, just to see...

The questioner : In banks, it must be present.

The Shaykh : So then?

The questioner : They say that Ibn Baz issued a ruling on this.

The Shaykh : I am now compelled to remain silent, do you see how it is?

The questioner : So, is it not permissible?

The Shaykh : Yes, it is not permissible.

The questioner : What is the solution, my Shaykh? Where should one place a large amount of money, in the millions?

The Shaykh : With Allah.

The questioner : For one who does not feel safe keeping it in his home or in some place?

The Shaykh : With Allah. And peace be upon you, and Allah's mercy and blessings. Is this verse abrogated, is it not?

The questioner: Yes.

The Shaykh : The verse is abrogated.

The questioner : I do not know about it.

The Shaykh : I know that it is abrogated, but from the hearts of the Muslims. Glory be to Allah, every time this issue is raised, where does it lead? Once I was asked this question while I was in Britain, and they exaggerated the problem there more than in this country, saying there are murderers, thieves, and robbers... and so on. Where do we take the money? We said to him, my brother, now each of you, to whom Allah has granted thousands or millions, is going to place it in an exposed spot in the house? And not only that, but he is going to raise a flag on the house where this money is, saying, "Here is a precious treasure, and its location is such-and-such, so beware of it!" Is that not the case? So each person earns money, and he does not let his closest people know the amount or the quantity. If he wants to preserve it, he puts it in a place, as the jurists say, a secure and protected place, and he does not let people know except those in whom he has trust as he has in himself. What are we afraid of then? Is it necessary to raise a flag and say, "There is a lot of money here and it is abundant," so that you are exposed to looting, killing, and robbery? This is after relying on Allah. Therefore, when I said where do we go, I told you, to Allah meaning, flee to His rulings. So the verse is read today but not acted upon. From the most religious of people to the one afflicted with wealth, where do we go with the money? To the bank, as if the bank is Paradise that does not decay or perish, even though they know from the reality of banks that many banks have been robbed, gone bankrupt, burned down, and so on. What benefit did we get from them?

The questioner : There is nothing wrong with it.

The Shaykh : Well, Allah the Exalted is the best of guardians, and He is the Most Merciful of the merciful.

The questioner : Well, what about transferring money through banks?

The Shaykh : If there is no other way, there is no harm, it is a necessity.

The questioner : Safes for keeping money?

The Shaykh : What safes? The ones for which al-Tantawi issued a ruling of permissibility?

The questioner : I have not heard of them, but there are now at the banks safes like vaults, meaning...
Abu Layla : The safe deposit boxes.

The Shaykh : Ah, the safe deposit boxes. This is one of the exits, but this method does not suit merchants. It suits the one who wants to preserve his money. As for merchants who want to take goods from abroad and want the bank to mediate in the matter, the money must be deposited in the bank, not in the safe.