Is it permissible to deposit money in riba-based banks or banks that call themselves Islamic?
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The questioner : May Allah grant you success and protect you, O honorable Shaykh.
The Shaykh : And beware of those who hear.
The questioner : If a person has a balance of money, is it permissible for him to place it in the Bank of Riyadh or the National Bank, given that they deal in riba? It is known that the National Bank has established a section they call an Islamic bank and appointed a Sharia committee for it. Is it permissible for a person to place his balance in it?
The Shaykh : May Allah bless you. If a person needs this, whether out of fear for his money or for any other reason, there is no blame on him for placing it in these banks, but he should choose the one with the least dealing in riba. Yes, that is correct.
The questioner : And the Islamic section?
The Shaykh : We do not know about the Islamic section. As long as they say it is Islamic and has a Sharia committee, we hope to Allah that they are truthful in this. So, it should be placed in this section of the bank.
The Shaykh : And beware of those who hear.
The questioner : If a person has a balance of money, is it permissible for him to place it in the Bank of Riyadh or the National Bank, given that they deal in riba? It is known that the National Bank has established a section they call an Islamic bank and appointed a Sharia committee for it. Is it permissible for a person to place his balance in it?
The Shaykh : May Allah bless you. If a person needs this, whether out of fear for his money or for any other reason, there is no blame on him for placing it in these banks, but he should choose the one with the least dealing in riba. Yes, that is correct.
The questioner : And the Islamic section?
The Shaykh : We do not know about the Islamic section. As long as they say it is Islamic and has a Sharia committee, we hope to Allah that they are truthful in this. So, it should be placed in this section of the bank.