Is it permissible to accept gifts from banks where one deposits money solely for safekeeping?
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The questioner : His EminenceThe Shaykh : Some banks give gifts to those who deposit their accounts with them solely for safekeeping, not for riba (usury or interest) or any other purpose. Is it permissible for him to use them or not?
The Shaykh : Yes, you know, may Allah reward you, that depositing money in banks is not a safekeeping (wadi'ah) but a loan. People calling it safekeeping is a mistake. Because if you give the bank the money, does it keep it in its original form and preserve it with them until you come, or does it put it in a box and use it? I ask you: if it is a loan, and since it is a loan, it is not permissible for the lender to take anything from the borrower, neither a gift nor anything else, except if he receives what he lent. In that case, there is no harm if he gives him a gift after he has collected his money. There is no blame on him if he pays it. Likewise, if banks give a general gift to those who deposited money with them, a gift they give to everyone, such as some banks giving calendars, there is no harm in accepting them. Because these calendars are given to those who deposited with them, to those who lent them money, and to those who did not lend them. Did you understand? Good.
The Shaykh : Yes, you know, may Allah reward you, that depositing money in banks is not a safekeeping (wadi'ah) but a loan. People calling it safekeeping is a mistake. Because if you give the bank the money, does it keep it in its original form and preserve it with them until you come, or does it put it in a box and use it? I ask you: if it is a loan, and since it is a loan, it is not permissible for the lender to take anything from the borrower, neither a gift nor anything else, except if he receives what he lent. In that case, there is no harm if he gives him a gift after he has collected his money. There is no blame on him if he pays it. Likewise, if banks give a general gift to those who deposited money with them, a gift they give to everyone, such as some banks giving calendars, there is no harm in accepting them. Because these calendars are given to those who deposited with them, to those who lent them money, and to those who did not lend them. Did you understand? Good.