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: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
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
Read the full answer on Ftawyhttps://ftawy.com/en/questions/149386
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- Original fatwa ID
- 149386
- Imported
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- Source text, unreviewed
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