The ruling on taking the profits given by interest-based banks in lands of disbelief
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Question:
Many of the students sent abroad from the Kingdom have money in the banks of the disbelievers. When they receive this money, they are also given interest-based profits. Should these be given to Muslims, or left for the disbelievers?
Answer:
There is a difference of opinion among the scholars of Islam regarding this, meaning whether a Muslim may accept interest-based profits from the banks along with his money. The banks have the custom of giving profits on the money they hold in their banks. So, is it permissible for a Muslim to take these profits and spend them on acts of righteousness and good deeds, or should he leave them for them and take only his principal? This is a point of dispute among the scholars: is it permissible, or is it not permissible?
However, there is a matter here that one must be careful about, which is that it is not permissible for a Muslim to agree to riba. It is not permissible to make an agreement with the bank, saying: "I will give you this money on the condition that I receive 5% or 10% profit." This is not permissible, for it is riba. But if he gives them the money and leaves it with them without any stipulation, without any agreement between them, although it is known that this is customary at the banks, then if... they return the money and give him the customary profit, does he accept it or not?
The prescribed view according to the scholars is that he should not accept it if it is known, because the customary condition is like the verbal one, as if he had stipulated it with them. Some of the scholars said: there is no harm in taking it, but it should not be included in his wealth; rather, it should be allocated to other purposes: such as charity for the poor, repairing roads, repairing restrooms, or similar things that benefit the Muslims. It should not be in his wealth, nor should he take it or benefit from it. This is the opinion of a group of scholars, and it is a strong opinion. However, there is a fear that a person’s self may yield to him; there is a fear that if he takes it, he will consume it, and there is a fear... in that regard. So, the precaution for him is not to take it. If he does take it, let him place it with trustworthy and righteous people other than himself, so that it is spent in a direction of righteousness and in a direction that benefits the Muslims. He is thus safe from its evil, and he does not use it for any of his personal matters.
Many of the students sent abroad from the Kingdom have money in the banks of the disbelievers. When they receive this money, they are also given interest-based profits. Should these be given to Muslims, or left for the disbelievers?
Answer:
There is a difference of opinion among the scholars of Islam regarding this, meaning whether a Muslim may accept interest-based profits from the banks along with his money. The banks have the custom of giving profits on the money they hold in their banks. So, is it permissible for a Muslim to take these profits and spend them on acts of righteousness and good deeds, or should he leave them for them and take only his principal? This is a point of dispute among the scholars: is it permissible, or is it not permissible?
However, there is a matter here that one must be careful about, which is that it is not permissible for a Muslim to agree to riba. It is not permissible to make an agreement with the bank, saying: "I will give you this money on the condition that I receive 5% or 10% profit." This is not permissible, for it is riba. But if he gives them the money and leaves it with them without any stipulation, without any agreement between them, although it is known that this is customary at the banks, then if... they return the money and give him the customary profit, does he accept it or not?
The prescribed view according to the scholars is that he should not accept it if it is known, because the customary condition is like the verbal one, as if he had stipulated it with them. Some of the scholars said: there is no harm in taking it, but it should not be included in his wealth; rather, it should be allocated to other purposes: such as charity for the poor, repairing roads, repairing restrooms, or similar things that benefit the Muslims. It should not be in his wealth, nor should he take it or benefit from it. This is the opinion of a group of scholars, and it is a strong opinion. However, there is a fear that a person’s self may yield to him; there is a fear that if he takes it, he will consume it, and there is a fear... in that regard. So, the precaution for him is not to take it. If he does take it, let him place it with trustworthy and righteous people other than himself, so that it is spent in a direction of righteousness and in a direction that benefits the Muslims. He is thus safe from its evil, and he does not use it for any of his personal matters.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.