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The question

Is it permissible to keep money in the bank for transactions while refusing to take interest, knowing that the bank will benefit from that interest for itself?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

It is impermissible to deposit money in interest-based (usurious) banks except out of necessity, provided three conditions are met: the need for the deposit due to the absence of another secure place, that the bank's transaction is not 100% interest-based to avoid aiding it in usury, and that the depositor does not take any profit, as it is forbidden interest. Usury is forbidden by the Qur'an, the Sunnah, and the consensus of Muslims. This deposit is considered a loan, legally, not a trust, because it allows the bank to dispose of the money.

Summarized from the full answer at Ftawy · imported

Read the full answer on Ftawy
Source platform
Ftawy
Original fatwa ID
19980
Imported
Translation status
Source text, unreviewed
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Read the full answer on Ftawy