What is the ruling on dealing with electronic financial institutions such as "TransferWise" and "PayPal" that invest customer funds in interest-bearing government bonds or deposit them in interest-based banks? And do the merchant's funds become unlawful if withdrawn in this manner? And is he obligated to cease his trade due to the absence of a permissible alternative for withdrawing his funds?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
If an Islamic bank fulfills your need, then deal with it. If it does not fulfill it, then there is no harm in opening a current account in a European bank to bring your money, while limiting it to the extent of the need only.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/184877
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 184877
- 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