Is it permissible to open a new bank account with 5% usurious interest, knowing that the money will be disbursed to the needy and that it is available for withdrawal at any time?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
A Muslim is not permitted to open an account in an interest-based (usurious) bank, except in cases of extreme necessity, because usury (riba) is a major sin. It is not permissible to open an account under the pretext of spending the profits on the poor. If one is compelled to open an account, it should be a current account that accrues no interest. If only a savings account is available, it is permissible, but only to the extent of the necessity, without opening other accounts.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/38381
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 38381
- 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