What is the ruling on establishing a company that requires opening an interest-based bank account, knowing that the company aims to serve the Muslim community and cannot be founded without this account?
Placing money in banks with interest is forbidden usury (riba). However, if a Muslim is compelled to deposit his money in usurious banks because no Islamic alternative exists, or because his employer or the government obliges him to do so, then there is no sin upon him, provided he does not take the interest. If the bank insists on giving him interest, then he must dispose of it by spending it on charitable causes. Scholars of the Permanent Committee, Ibn Baz, and Al-Uthaymeen have issued fatwas permitting deposits out of necessity without interest, and obligating the disposal of usurious interest by spending it on the welfare of Muslims.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- 19135
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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