It is necessary to work toward finding an alternative to riba-based banks
Machine translationRead the Arabic original
Question: Please inform us about riba-based transactions?
Answer: As for what concerns riba, the matter is clear. The prohibition of riba is indicated by the Noble Qur'an, by the Sunnah, and by the consensus of the scholars. It is among the greatest of major sins and among the well-known prohibitions. Allah has clarified this in His Noble Book, saying, Exalted and Majestic is He: [al-Baqarah: 275]. And He says, Exalted and Majestic is He: [Al-Baqarah 2:278] So if you do not do it, then give notice of war from Allah and His Messenger [al-Baqarah: 278-279]. And the Messenger (peace and blessings be upon him) said: .
Therefore, it is obligatory for Muslims to: beware of riba and not participate in it; neither in such a bank, nor in all riba-based banks, whether domestic or foreign. Rather, one must beware of them, not participate in them, and not transact with them. The existence of something among people does not make it lawful; good exists and evil exists, this is lawful and that is forbidden. The existence of a thing is not evidence of its permissibility. Rather, one must beware; if it is found, the caution should be greater than the existing sin.
The result is that riba is among the prohibitions, and one must beware of it, stay away from it, and advise one another to abandon it. Soon it will be removed, if Allah wills, by the power of Allah.
So the result is: that the brothers and lovers of good are eager to establish Islamic banks and participate in them. It is necessary for all my brothers to be courageous in this, and to strive to advance in seeking Islamic banks; so that they may multiply, and so that Allah may make them a substitute for these riba-based banks, and so that their matter may end soon, if Allah wills.
Answer: As for what concerns riba, the matter is clear. The prohibition of riba is indicated by the Noble Qur'an, by the Sunnah, and by the consensus of the scholars. It is among the greatest of major sins and among the well-known prohibitions. Allah has clarified this in His Noble Book, saying, Exalted and Majestic is He:
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest
الَّذِينَ يَأْكُلُونَ الرِّبَا لاَ يَقُومُونَ إِلاَّ كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَلِكَ بِأَنَّهُمْ قَالُواْ إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللّهُ الْبَيْعَ وَحَرَّمَ الرِّبَاO you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers.
يَا أَيُّهَا الَّذِينَ آمَنُواْ اتَّقُواْ اللّهَ وَذَرُواْ مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِينَ He cursed the one who consumes riba, the one who gives it, the one who writes it, and its two witnesses.
لعن آكل الربا، وموكله، وكاتبه، وشاهديهTherefore, it is obligatory for Muslims to: beware of riba and not participate in it; neither in such a bank, nor in all riba-based banks, whether domestic or foreign. Rather, one must beware of them, not participate in them, and not transact with them. The existence of something among people does not make it lawful; good exists and evil exists, this is lawful and that is forbidden. The existence of a thing is not evidence of its permissibility. Rather, one must beware; if it is found, the caution should be greater than the existing sin.
The result is that riba is among the prohibitions, and one must beware of it, stay away from it, and advise one another to abandon it. Soon it will be removed, if Allah wills, by the power of Allah.
So the result is: that the brothers and lovers of good are eager to establish Islamic banks and participate in them. It is necessary for all my brothers to be courageous in this, and to strive to advance in seeking Islamic banks; so that they may multiply, and so that Allah may make them a substitute for these riba-based banks, and so that their matter may end soon, if Allah wills.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.