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The question

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?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

Islamic banks vary in their adherence to Sharia 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.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
149386
Imported
Translation status
Source text, unreviewed
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