What is the ruling on opening a bank account with interest or financial deductions, and what is the percentage of deduction from the deposited money called?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
If the bank is Islamic and has a trustworthy supervisory board, there is no harm in depositing money with it. The fees it deducts for services are considered a wage. However, if the bank is usurious (Riba-based), it is not permissible to deposit money with it, even if it does not charge fees, provided that an alternative Islamic bank is available. It is forbidden to deal with usurious banks when an Islamic alternative exists.
Summarized from the full answer at Ftawy · imported
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