Ruling on Deposits in Banks
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Question: I have money in the Al-Rajhi Exchange and Trading Company for three years, and I fear that this amount is involved in usury, even though I do not take interest. If I keep it in my home, I fear it will be stolen. Please advise me on what I should do, may Allah reward you, and may Allah reward you with good?
Answer: There is no blame on you regarding Al-Rajhi Bank or Al-Sabai Bank, or the like of them, provided they do not deal in usury. You must pay zakah on this deposited money whenever a lunar year passes over it, if it reaches the minimum threshold or more. As for usurious banks, it is not permissible to deposit money in them except in cases of dire necessity, without taking interest; because placing it there involves some cooperation with them in usury, even if you do not intend that. However, if dire necessity calls for it, there is no blame in placing the money there without interest, based on the saying of Allah (Glorified and Exalted is He) : [Al-An'am: 119].
You must pay its zakah whenever a lunar year passes over it, if it reaches the minimum threshold, as mentioned above. It is better for you to place the money with a trustworthy person who will grow it and deal in it through types of lawful transactions; such as a profit-sharing partnership, selling on credit to those who are given time, or with a pledge or guarantees; so that you benefit from your money and it does not remain idle.
Answer: There is no blame on you regarding Al-Rajhi Bank or Al-Sabai Bank, or the like of them, provided they do not deal in usury. You must pay zakah on this deposited money whenever a lunar year passes over it, if it reaches the minimum threshold or more. As for usurious banks, it is not permissible to deposit money in them except in cases of dire necessity, without taking interest; because placing it there involves some cooperation with them in usury, even if you do not intend that. However, if dire necessity calls for it, there is no blame in placing the money there without interest, based on the saying of Allah (Glorified and Exalted is He) :
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 إِلَيْهِYou must pay its zakah whenever a lunar year passes over it, if it reaches the minimum threshold, as mentioned above. It is better for you to place the money with a trustworthy person who will grow it and deal in it through types of lawful transactions; such as a profit-sharing partnership, selling on credit to those who are given time, or with a pledge or guarantees; so that you benefit from your money and it does not remain idle.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.