Fatwa #94514 September 2000Pakistan

Is it possible to have a bank account and deposit money, where that bank deals with interest related matters.

Question

I am living in Non-Muslim country. Here we can not find any Interest free banking system. Is it allowed to deposit money in bank where they involved in interest.

Answer

Interest is strictly prohibited as expressly mentioned in the Qur'aan and Ahaadith.

However, if one uses the bank facility to keep his money, he will receive interest. That amount should be disposed off by giving it away to the poor
and needy.

And Allah Taãla Knows Best.

Was salaam

Mufti Ebrahim Desai
FATWA DEPT.

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