Is it permissible to open a bank account in exchange for an annual fee, and does the ruling differ between Islamic and usurious banks, especially if the Islamic bank deals with usurious loans?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
Opening a bank account with annual fees is permissible as long as there is no Islamic bank. If an Islamic bank exists, then it is obligatory to avoid opening an account in a usurious bank, except out of necessity. If it is proven that the bank called "Islamic" gives usurious loans, then it is forbidden, and its designation is irrelevant. It is obligatory to seek out the banks that most closely adhere to Islamic legal rulings.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/157724
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 157724
- 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