Ruling on depositing money in banks out of fear of its loss
Machine translationRead the Arabic original
Question:
I have an account in one of the banks without interest, knowing that the banks deal with interest. Do my monies fall under the ruling of riba? Is there a sin on me? Should I withdraw my balance from the banks? Knowing that I fear its loss.
Answer:
There is no blame on you for depositing your money in the banks out of fear for its loss, and this is a matter of dire necessity. So if you need to do that, there is no blame without interest.
As for if it becomes easy to deposit it in Islamic banks, then encourage the Islamic banks and assist them in their task, for in that case they are more deserving and more entitled.
So Islamic banks must be encouraged, and they must be supported. And if they commit a slip or a mistake, point out their mistakes and correct their mistakes so that they become a competitor to the interest-based banks, and so that Muslims can substitute them for the interest-based banks.
And you can deposit it in the Islamic banks and take a lawful profit in the transactions of mudarabah.
As for a fixed interest, like ten percent (10%) or 5%, it is not permissible; not in the Islamic banks, nor in the interest-based banks. It is prohibited in all circumstances, and no one is allowed to take a fixed interest; not from the Islamic bank, nor from a specific merchant, nor from the interest-based bank, nor from anything else.
Fixed interests; such as if you pay the Islamic bank, or the specific merchant, or the interest-based bank one hundred thousand riyals (100,000), on the condition that they pay you a fixed interest of 10% or 5% every month, this is not permissible, and this is riba.
But the Islamic banks can dispose of the money through Islamic means; such as mudarabah, and buying needs that they sell with a profit, and they collect the profits and give the owner of the money his share of the profit that they agreed upon; which is one-third of the profit, or half of the profit, or one-fifth of the profit, according to what the Islamic banks agreed upon with the owner of the money.
So the result is: there is no blame in depositing money in the interest-based banks without interest; for the sake of dire necessity and fear for it. But if you find an alternative to that; by depositing your money with a merchant where there is no risk to it with him, or with Islamic banks without interest, or the Islamic banks work with the lawful transaction and the lawful murabahah; then all of this is permissible; so as not to encourage riba and its people.
I have an account in one of the banks without interest, knowing that the banks deal with interest. Do my monies fall under the ruling of riba? Is there a sin on me? Should I withdraw my balance from the banks? Knowing that I fear its loss.
Answer:
There is no blame on you for depositing your money in the banks out of fear for its loss, and this is a matter of dire necessity. So if you need to do that, there is no blame without interest.
As for if it becomes easy to deposit it in Islamic banks, then encourage the Islamic banks and assist them in their task, for in that case they are more deserving and more entitled.
So Islamic banks must be encouraged, and they must be supported. And if they commit a slip or a mistake, point out their mistakes and correct their mistakes so that they become a competitor to the interest-based banks, and so that Muslims can substitute them for the interest-based banks.
And you can deposit it in the Islamic banks and take a lawful profit in the transactions of mudarabah.
As for a fixed interest, like ten percent (10%) or 5%, it is not permissible; not in the Islamic banks, nor in the interest-based banks. It is prohibited in all circumstances, and no one is allowed to take a fixed interest; not from the Islamic bank, nor from a specific merchant, nor from the interest-based bank, nor from anything else.
Fixed interests; such as if you pay the Islamic bank, or the specific merchant, or the interest-based bank one hundred thousand riyals (100,000), on the condition that they pay you a fixed interest of 10% or 5% every month, this is not permissible, and this is riba.
But the Islamic banks can dispose of the money through Islamic means; such as mudarabah, and buying needs that they sell with a profit, and they collect the profits and give the owner of the money his share of the profit that they agreed upon; which is one-third of the profit, or half of the profit, or one-fifth of the profit, according to what the Islamic banks agreed upon with the owner of the money.
So the result is: there is no blame in depositing money in the interest-based banks without interest; for the sake of dire necessity and fear for it. But if you find an alternative to that; by depositing your money with a merchant where there is no risk to it with him, or with Islamic banks without interest, or the Islamic banks work with the lawful transaction and the lawful murabahah; then all of this is permissible; so as not to encourage riba and its people.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.