The Ruling on Depositing Money in Private Commercial Banks
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Question:
What is the ruling on depositing money in private commercial banks as a current account?
Answer:
If there is a need for this, there is nothing wrong with it. We do this, and others do it without interest; because placing it elsewhere is dangerous, such as in houses or with a person whose safety cannot be guaranteed. So, placing it in banks when there is a need for it, without interest, entails no blame.
If it becomes easy to place it in a secure location or an Islamic bank, that is obligatory, so as not to assist them in their usury or interest. But if circumstances do not allow it, and a person places it in a bank for safekeeping so that it is not lost, he is excused due to dire necessity. Allah says: [Al-An'am: 119]. Dire necessities have their own rulings; even carrion is permissible in dire necessity, and pork is permissible in dire necessity, if one is compelled to it and finds nothing else.
The point is that these trusts and deposits are permissible with banks in cases of dire necessity, and if another place becomes available, one should move to it, a secure place that is not an interest-based bank.
What is the ruling on depositing money in private commercial banks as a current account?
Answer:
If there is a need for this, there is nothing wrong with it. We do this, and others do it without interest; because placing it elsewhere is dangerous, such as in houses or with a person whose safety cannot be guaranteed. So, placing it in banks when there is a need for it, without interest, entails no blame.
If it becomes easy to place it in a secure location or an Islamic bank, that is obligatory, so as not to assist them in their usury or interest. But if circumstances do not allow it, and a person places it in a bank for safekeeping so that it is not lost, he is excused due to dire necessity. Allah says:
while He has explained in detail to you what He has forbidden you, excepting that to which you are compelled
وَقَدْ فَصَّلَ لَكُمْ مَا حَرَّمَ عَلَيْكُمْ إِلَّا مَا اضْطُرِرْتُمْ إِلَيْهِThe point is that these trusts and deposits are permissible with banks in cases of dire necessity, and if another place becomes available, one should move to it, a secure place that is not an interest-based bank.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.