Are there banks in the world free of usury?
There are Islamic banks that adhere to principles and have a Sharia supervisory board. To rule that all their transactions are free of usury would require examining each of their transactions individually, which is impossible. It is sufficient to know their commitment to Sharia rulings. Abandoning transactions with Islamic banks, despite their adherence to Sharia principles, is a blameworthy form of extremism that causes people difficulty and hardship. Ibn Taymiyyah said: "There is no doubt whatsoever in dealing with a righteous Muslim. Whoever refrains from dealing with him out of scrupulousness has introduced an innovation into the religion for which Allah has sent down no authority." Islamic banks are like a Muslim in this regard.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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Where this answer came from
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- Ftawy
- Original fatwa ID
- 110269
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy