Some people turn to institutions that deal in riba (usury or interest) and deposit their money with them, even though there are some institutions that do not deal in riba. What is their excuse?
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The questioner : May Allah reward you. Some people resort to certain institutions that deal in riba (usury or interest) to deposit their money with them, even though there are some institutions that do not deal in riba. What is their excuse in such a matter?
The Shaykh : Yes, some people resort to institutions that work with riba (usury or interest) and deposit their money with them, even though there are other institutions that do not work with riba, so they do not deposit their money with those. What is their excuse? Some people offer two excuses:
The first excuse is that this one is safe because it is supported by the state, whereas the other is not supported by the state and might go bankrupt, as has happened. Sometimes this merchant goes bankrupt and the money is lost.
The second excuse is that it provides better service, because they say that now they have started providing a machine that comes at any hour, whether night or day, to receive your money, so it is as if it is in a box in your house. They say, “We prefer it for these two reasons.” But we say: Suppose these banks only worked with riba (usury or interest); it would be forbidden in any case. However, they work with riba and with things other than riba.
The Shaykh : Yes, some people resort to institutions that work with riba (usury or interest) and deposit their money with them, even though there are other institutions that do not work with riba, so they do not deposit their money with those. What is their excuse? Some people offer two excuses:
The first excuse is that this one is safe because it is supported by the state, whereas the other is not supported by the state and might go bankrupt, as has happened. Sometimes this merchant goes bankrupt and the money is lost.
The second excuse is that it provides better service, because they say that now they have started providing a machine that comes at any hour, whether night or day, to receive your money, so it is as if it is in a box in your house. They say, “We prefer it for these two reasons.” But we say: Suppose these banks only worked with riba (usury or interest); it would be forbidden in any case. However, they work with riba and with things other than riba.