What is the ruling on sending and receiving transfers through interest-based banks?
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The questioner : May Allah reward you with good, O honorable Shaykh.
The Shaykh : ...
The questioner : No, Shaykh... I am losing my turn, Shaykh, and I... Well, Shaykh, what is the ruling on receiving and sending transfers in interest-based banks?
The Shaykh : What?
The questioner : What is the ruling on receiving and sending transfers in interest-based banks, because it is faster, O Shaykh, unless the person...?
The Shaykh : Describe it, describe it to me.
The questioner : I mean, I send a transfer to a person in a certain city through an interest-based bank to take advantage of the time, because it is fast.
The Shaykh : Yes
The questioner : So what is the ruling on that, O Shaykh?
The Shaykh : I tell you an important rule: dealing with banks in a permissible manner is fine, it is fine. I mean, for example, I may buy from them, or exchange money with them, or transfer through them; there is nothing wrong with this. What is prohibited is riba (usury or interest). So if there is no riba, there is nothing wrong. It is established that the Prophet (peace and blessings be upon him) bought from the Jews and accepted gifts from them, while they were eating illicit wealth and taking riba. And the Prophet (peace and blessings be upon him) died while his armor was pledged with a Jew. Yes, that is right.
Did you understand the answer now? So there is nothing wrong with transferring through banks. Yes.
The questioner : Is the prohibited part the deposit, O Shaykh?
The Shaykh : The prohibited part is the interest, which they call interest, and it is a loss. The prohibited thing is riba (usury or interest): that you deposit and they give you compensation for your deposit, or that you borrow and you give them compensation for it. After that, please go ahead.
The Shaykh : ...
The questioner : No, Shaykh... I am losing my turn, Shaykh, and I... Well, Shaykh, what is the ruling on receiving and sending transfers in interest-based banks?
The Shaykh : What?
The questioner : What is the ruling on receiving and sending transfers in interest-based banks, because it is faster, O Shaykh, unless the person...?
The Shaykh : Describe it, describe it to me.
The questioner : I mean, I send a transfer to a person in a certain city through an interest-based bank to take advantage of the time, because it is fast.
The Shaykh : Yes
The questioner : So what is the ruling on that, O Shaykh?
The Shaykh : I tell you an important rule: dealing with banks in a permissible manner is fine, it is fine. I mean, for example, I may buy from them, or exchange money with them, or transfer through them; there is nothing wrong with this. What is prohibited is riba (usury or interest). So if there is no riba, there is nothing wrong. It is established that the Prophet (peace and blessings be upon him) bought from the Jews and accepted gifts from them, while they were eating illicit wealth and taking riba. And the Prophet (peace and blessings be upon him) died while his armor was pledged with a Jew. Yes, that is right.
Did you understand the answer now? So there is nothing wrong with transferring through banks. Yes.
The questioner : Is the prohibited part the deposit, O Shaykh?
The Shaykh : The prohibited part is the interest, which they call interest, and it is a loss. The prohibited thing is riba (usury or interest): that you deposit and they give you compensation for your deposit, or that you borrow and you give them compensation for it. After that, please go ahead.