The Ruling on Working in Banks and the Ruling on Placing Money in Them
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Question: What is the ruling in Islam regarding those who work in banks, and those who place their money in them without taking usurious interest?
Answer: There is no doubt that working in banks that deal in riba (usury or interest) is not permissible; because that is aiding them in sin and transgression. And Allah (Glorified and Exalted is He) said: : [Al-Ma'idah: 2]. And it is established from the Prophet (peace and blessings be upon him): Sahih Muslim 1598. It was narrated by Muslim in his Sahih.
As for placing money in banks with monthly or annual interest, that is forbidden riba (usury or interest) by the consensus of the scholars.
As for placing it without interest, the safest course is to avoid it except in cases of dire necessity, if the bank deals in riba (usury or interest); because placing money with them, even without interest, is aiding them in their usurious transactions; so it is feared that its owner may be among those who aid in sin and transgression, even if he did not intend that.
So it is obligatory to be cautious of what Allah has forbidden, and to seek the proper ways to preserve and manage wealth. May Allah guide the Muslims to what brings them happiness, honor, and salvation, and facilitate for them the swift work of establishing sound Islamic banks free from usurious transactions. He is the One who has the power to do that and is capable of it.
Answer: There is no doubt that working in banks that deal in riba (usury or interest) is not permissible; because that is aiding them in sin and transgression. And Allah (Glorified and Exalted is He) said: :
And cooperate in righteousness and piety, but do not cooperate in sin and aggression. And fear Allah; indeed, Allah is severe in penalty.
وَتَعَاوَنُواْ عَلَى الْبرِّ وَالتَّقْوَى وَلاَ تَعَاوَنُواْ عَلَى الإِثْمِ وَالْعُدْوَانِ وَاتَّقُواْ اللّهَ إِنَّ اللّهَ شَدِيدُ الْعِقَابِthat 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 سواءAs for placing money in banks with monthly or annual interest, that is forbidden riba (usury or interest) by the consensus of the scholars.
As for placing it without interest, the safest course is to avoid it except in cases of dire necessity, if the bank deals in riba (usury or interest); because placing money with them, even without interest, is aiding them in their usurious transactions; so it is feared that its owner may be among those who aid in sin and transgression, even if he did not intend that.
So it is obligatory to be cautious of what Allah has forbidden, and to seek the proper ways to preserve and manage wealth. May Allah guide the Muslims to what brings them happiness, honor, and salvation, and facilitate for them the swift work of establishing sound Islamic banks free from usurious transactions. He is the One who has the power to do that and is capable of it.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.