The Ruling on Deposits in Interest-Based Banks
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Question: A person who has a sum of money and places it in one of the banks for the purpose of keeping it safe as a trust, and pays its zakah when the lunar year of possession has passed, is that permissible or not? Please inform us, may Allah reward you with good.
Answer: It is not permissible to insure in interest-based banks, even if one does not take interest, because of the assistance that entails in sin and transgression, and Allah the Exalted has forbidden that.
However, if one is in dire necessity and finds no place to keep his money safe other than interest-based banks, then there is no blame on him, if Allah wills, due to the necessity. And Allah the Exalted says: [Al-An'am: 119]. And whenever he finds an Islamic bank or a trustworthy place where there is no cooperation in sin and transgression, he deposits his money there, it is not permissible for him to deposit in the interest-based bank.
Answer: It is not permissible to insure in interest-based banks, even if one does not take interest, because of the assistance that entails in sin and transgression, and Allah the Exalted has forbidden that.
However, if one is in dire necessity and finds no place to keep his money safe other than interest-based banks, then there is no blame on him, if Allah wills, due to the necessity. And Allah the Exalted says:
while He has explained in detail to you what He has forbidden you, excepting that to which you are compelled
وَقَدْ فَصَّلَ لَكُم مَّا حَرَّمَ عَلَيْكُمْ إِلاَّ مَا اضْطُرِرْتُمْ إِلَيْهِ
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.