What is the ruling on dealing with the Kuwaiti Turkish Bank, and if it relies on prohibited transactions other than explicit usury, is it permissible to deposit money in it and withdraw it immediately, and does the ruling differ if one keeps the entire salary in it? And what are the sayings of the people of knowledge on this issue?
The activity of a bank cannot be judged solely by its website; rather, it requires examining its financial statements and reviewing the details of its contracts. Many Islamic banks may declare their adherence to , yet upon scrutiny, their practices reveal usurious dealings. There is no harm in dealing with this bank in the same way you would deal with a usurious bank; it is likely better than it. There is also no harm in keeping the necessary amount of money in a current account for online purchases. If a knowledgeable person gives you a that its transactions are Sharia-compliant, then there is no harm in placing your money in its investment account or keeping your full salary in the current account.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 16283
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy