What is the ruling on placing money in banks that deal in riba (usury or interest), and which bank do you recommend?
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The questioner : In the name of Allah, the Most Gracious, the Most Merciful.
Peace be upon you, and Allah's mercy and blessings.
The Shaykh : And upon you be peace, and Allah's mercy and blessings.
The questioner : Your Eminence, what is your opinion regarding the banks in which we deposit money, and which bank do you recommend, O Shaykh?
The Shaykh : And what is it?
The questioner : And which bank do you recommend?
The Shaykh : As for placing money in banks, I do not see that it should be placed there except out of necessity, such as if a person fears for his money in his home, he places it in these banks out of necessity for that. And I say: it is permissible to place it in banks out of necessity, because banks are not one hundred percent riba (usury or interest), since they have many good transactions that are not forbidden. Otherwise, if their transactions were one hundred percent riba (usury or interest), we would say: if your money burns, do not place it with them, because you would be a partner with them in riba (usury or interest). And based on this, we say: if necessity calls for placing your money in banks, if the banks do not deal in anything but riba (usury or interest), do not place it in them ever, even if the money burns or you dig a hole and put it in it, do not place it in the banks.
And as for if they deal in something permissible and something forbidden, there is no harm in placing the money with them out of necessity. And as for which bank is better: I do not know which bank is better, or which deals more in riba (usury or interest), but it is said that Al-Rajhi Company is safer than the others in dealing with riba (usury or interest).
Peace be upon you, and Allah's mercy and blessings.
The Shaykh : And upon you be peace, and Allah's mercy and blessings.
The questioner : Your Eminence, what is your opinion regarding the banks in which we deposit money, and which bank do you recommend, O Shaykh?
The Shaykh : And what is it?
The questioner : And which bank do you recommend?
The Shaykh : As for placing money in banks, I do not see that it should be placed there except out of necessity, such as if a person fears for his money in his home, he places it in these banks out of necessity for that. And I say: it is permissible to place it in banks out of necessity, because banks are not one hundred percent riba (usury or interest), since they have many good transactions that are not forbidden. Otherwise, if their transactions were one hundred percent riba (usury or interest), we would say: if your money burns, do not place it with them, because you would be a partner with them in riba (usury or interest). And based on this, we say: if necessity calls for placing your money in banks, if the banks do not deal in anything but riba (usury or interest), do not place it in them ever, even if the money burns or you dig a hole and put it in it, do not place it in the banks.
And as for if they deal in something permissible and something forbidden, there is no harm in placing the money with them out of necessity. And as for which bank is better: I do not know which bank is better, or which deals more in riba (usury or interest), but it is said that Al-Rajhi Company is safer than the others in dealing with riba (usury or interest).