What is the ruling on depositing money in banks as a current account?
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Question:
This questioner says, O Shaykh: What is the ruling on depositing money in private commercial banks as a current account?
Answer:
If there is a pressing need for this, there is nothing wrong with doing it, and doing so without interest; because placing it elsewhere is dangerous, such as placing it in houses, or with a person who is not trustworthy; if that is possible.
So, placing it in banks when there is a pressing need for it, without interest, is blameless. However, if it becomes easy to place it in a safe place or an Islamic bank, that is obligatory; so as not to assist them in their usury or interest. But if things do not work out and a person places it in a bank for safekeeping so that it does not get lost, he is excused due to dire necessity. And Allah says: [Al-An'am: 119]. Dire necessities have their own rulings, even carrion is permissible in dire necessity, and pork in dire necessity, if one is compelled to it and finds nothing else.
So, the point is that these trusts and deposits in banks are permissible in dire necessity, and if another place becomes available, one moves to it, a safe place, that is not an interest-based bank.
This questioner says, O Shaykh: What is the ruling on depositing money in private commercial banks as a current account?
Answer:
If there is a pressing need for this, there is nothing wrong with doing it, and doing so without interest; because placing it elsewhere is dangerous, such as placing it in houses, or with a person who is not trustworthy; if that is possible.
So, placing it in banks when there is a pressing need for it, without interest, is blameless. However, if it becomes easy to place it in a safe place or an Islamic bank, that is obligatory; so as not to assist them in their usury or interest. But if things do not work out and a person places it in a bank for safekeeping so that it does not get lost, he is excused due to dire necessity. And 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 إِلَيْهِSo, the point is that these trusts and deposits in banks are permissible in dire necessity, and if another place becomes available, one moves to it, a safe 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.