The Ruling on Participating in Interest-Based Banks
Machine translationRead the Arabic original
Question:
His Eminence the Shaykh: Abdul Aziz ibn Abdullah ibn Baz (may Allah preserve him).
Peace be upon you, and Allah’s mercy and blessings, and after that:
A severe disagreement arose between me and my brother regarding participation in one of the banks in the Kingdom, which offered its shares for subscription this year, concerning the permissibility of participating in it. I told him: “That is forbidden because it deals in riba (usury or interest).” He said: “It is a doubtful matter, and not forbidden.”
The reason for this disagreement is that he asked for my name and my sons’ names so that he could participate in the bank using them. We argued at length and agreed to seek a decisive answer from your Eminence. We ask you to issue a ruling on the following:
The ruling on participating in the aforementioned bank.
The ruling on giving one’s names to a person who wants to participate in this bank with them, while the owner of the names considers it forbidden.
We ask your Eminence for a prompt answer, and may Allah preserve you.
Answer:
And upon you be peace, and Allah’s mercy and blessings, and after that:
It is not permissible to participate in this bank or any other interest-based bank, nor to assist in it by giving names; because all of that is cooperation in sin and aggression. Allah the Exalted has forbidden that in His saying: : [Al-Ma'idah: 2].
It is established from the Prophet (peace and blessings be upon him):Sahih Muslim 1598. Imam Muslim recorded it in his Sahih.
May Allah guide everyone to what pleases Him.
And peace be upon you and the mercy of Allah and His blessings.
His Eminence the Shaykh: Abdul Aziz ibn Abdullah ibn Baz (may Allah preserve him).
Peace be upon you, and Allah’s mercy and blessings, and after that:
A severe disagreement arose between me and my brother regarding participation in one of the banks in the Kingdom, which offered its shares for subscription this year, concerning the permissibility of participating in it. I told him: “That is forbidden because it deals in riba (usury or interest).” He said: “It is a doubtful matter, and not forbidden.”
The reason for this disagreement is that he asked for my name and my sons’ names so that he could participate in the bank using them. We argued at length and agreed to seek a decisive answer from your Eminence. We ask you to issue a ruling on the following:
The ruling on participating in the aforementioned bank.
The ruling on giving one’s names to a person who wants to participate in this bank with them, while the owner of the names considers it forbidden.
We ask your Eminence for a prompt answer, and may Allah preserve you.
Answer:
And upon you be peace, and Allah’s mercy and blessings, and after that:
It is not permissible to participate in this bank or any other interest-based bank, nor to assist in it by giving names; because all of that is cooperation in sin and aggression. Allah the Exalted has forbidden that in His saying: :
And cooperate in righteousness and piety, but do not cooperate in sin and aggression.
وَتَعَاوَنُواْ عَلَى الْبرِّ وَالتَّقْوَى وَلاَ تَعَاوَنُواْ عَلَى الإِثْمِ وَالْعُدْوَانِIt is established from the Prophet (peace and blessings be upon him):
that Allah's Messenger (ﷺ) cursed the accepter of interest and its payer, and one who records it, and the two witnesses, and he said: They are all equal.
أنه لعن آكل الربا، وموكله، وكاتبه، وشاهديه، وقال: هم سواءMay Allah guide everyone to what pleases Him.
And peace be upon you and the mercy of Allah and His blessings.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.