The Ruling on Dealing with Riba-Based Banks
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Question: What is the position regarding riba-based banks today? What is the ruling on dealing with them? And what is our stance toward what is happening to many of our Muslim brothers in some Islamic countries?
A: As for what concerns riba, the matter is clear, and there is no doubt regarding the existence of riba and its prohibition. It is a matter indicated by verses from the Noble Qur'an, indicated by the Sunnah, and indicated by the consensus of the scholars.
So `riba` (usury or interest) is among the greatest of major sins and among the forbidden matters upon which there is consensus. Allah has clarified this in His great Book, saying (Exalted and Majestic is He):[Al-Baqarah 2:275] the verse [Surat al-Baqarah: 275]. And the Prophet (peace and blessings be upon him) said:: [Al-Baqarah 2:278] If you do not do so, then declare war against Allah and His Messenger[Surat al-Baqarah: 278 - 279]. And the Messenger (peace and blessings be upon him) said: And he said: Muslim recorded it in his Sahih.
So it is obligatory for Muslims to be cautious of riba and not to participate in it, neither in so-and-so bank nor so-and-so bank. All riba-based banks, whether domestic or foreign, one must be cautious of them, not participate in them, and not deal with them. The existence of something among people does not make it lawful. Good exists, and evil exists. It is obligatory to take the good and be cautious of the evil. The existence of evil is not evidence of its permissibility; rather, one must be cautious of it.
So the conclusion is that riba is among the forbidden matters, and it is obligatory to be cautious of it, stay away from it, and advise one another to leave it. Soon, if Allah wills, the riba-based banks will disappear from this Kingdom. The Custodian of the Two Holy Mosques has agreed to establish Islamic banks, and Allah will suffice people with them in place of these banks, and they will disappear, if Allah wills, from this land.
So the conclusion is that the brothers and lovers of good are eager to establish Islamic banks and participate in them. It is incumbent upon all the brothers to be courageous in this, and to be eager to move forward in seeking Islamic banks; so that they may multiply, and so that Allah may suffice people with them in place of these riba-based banks, and so that their matter may end soon, if Allah wills.
As for what concerns our Muslim brothers in every place, such as Algeria, the Philippines, Afghanistan, Bosnia and Herzegovina, and others, it is obligatory to pray for them for success and guidance, that Allah may grant them understanding in the religion, that He may unite their word upon their best, that He may help them against their enemy, that He may guide the responsible officials in all Muslim lands, and that He may help the truth through them.
And praying for your brothers in their absence in every place is a prescribed matter, and its benefit is great. So the Muslim prays to Allah for his brothers in the Philippines, in Algeria, in Tunisia, in Morocco, in Afghanistan, in Bosnia and Herzegovina, and in every place, and in his own country as well. He prays to Allah for everyone for success, righteousness, and assistance in all good, that Allah, the Exalted, may unite them upon good and guidance, that He may protect them from the evil of the rulers, that He may help them to manifest the truth and call to it with insight, that He may protect them from methods that cause aversion to the truth and turn people away from it, and that He may guide them to good methods and righteous paths that help them to manifest the truth and call to it, and help them to accept it and be content with it.
A: As for what concerns riba, the matter is clear, and there is no doubt regarding the existence of riba and its prohibition. It is a matter indicated by verses from the Noble Qur'an, indicated by the Sunnah, and indicated by the consensus of the scholars.
So `riba` (usury or interest) is among the greatest of major sins and among the forbidden matters upon which there is consensus. Allah has clarified this in His great 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 لا يَقُومُونَ إِلا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللَّهُ 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 آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنْتُمْ مُؤْمِنِينَ 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 وشاهديهThey are all the same.
هم سواءSo it is obligatory for Muslims to be cautious of riba and not to participate in it, neither in so-and-so bank nor so-and-so bank. All riba-based banks, whether domestic or foreign, one must be cautious of them, not participate in them, and not deal with them. The existence of something among people does not make it lawful. Good exists, and evil exists. It is obligatory to take the good and be cautious of the evil. The existence of evil is not evidence of its permissibility; rather, one must be cautious of it.
So the conclusion is that riba is among the forbidden matters, and it is obligatory to be cautious of it, stay away from it, and advise one another to leave it. Soon, if Allah wills, the riba-based banks will disappear from this Kingdom. The Custodian of the Two Holy Mosques has agreed to establish Islamic banks, and Allah will suffice people with them in place of these banks, and they will disappear, if Allah wills, from this land.
So the conclusion is that the brothers and lovers of good are eager to establish Islamic banks and participate in them. It is incumbent upon all the brothers to be courageous in this, and to be eager to move forward in seeking Islamic banks; so that they may multiply, and so that Allah may suffice people with them in place of these riba-based banks, and so that their matter may end soon, if Allah wills.
As for what concerns our Muslim brothers in every place, such as Algeria, the Philippines, Afghanistan, Bosnia and Herzegovina, and others, it is obligatory to pray for them for success and guidance, that Allah may grant them understanding in the religion, that He may unite their word upon their best, that He may help them against their enemy, that He may guide the responsible officials in all Muslim lands, and that He may help the truth through them.
And praying for your brothers in their absence in every place is a prescribed matter, and its benefit is great. So the Muslim prays to Allah for his brothers in the Philippines, in Algeria, in Tunisia, in Morocco, in Afghanistan, in Bosnia and Herzegovina, and in every place, and in his own country as well. He prays to Allah for everyone for success, righteousness, and assistance in all good, that Allah, the Exalted, may unite them upon good and guidance, that He may protect them from the evil of the rulers, that He may help them to manifest the truth and call to it with insight, that He may protect them from methods that cause aversion to the truth and turn people away from it, and that He may guide them to good methods and righteous paths that help them to manifest the truth and call to it, and help them to accept it and be content with it.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.