What is the ruling on depositing money in a bank that claims to be Islamic, while it is not, especially with the unavailability of a permissible (halal) alternative for preserving money?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
Islamic banks vary in their adherence to controls. It is permissible to deal with those that are compliant, and a transaction is not forbidden based solely on suspicion. If there is a concern for one's money, and there is a need to keep it in the aforementioned bank, then there is no harm in that. Islamic banks, even if they have some violations, are better than riba-based (usurious) banks.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/149386
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 149386
- 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