The ruling on depositing Money in Banks that deal with Riba without taking any Profit
Question :
What is the ruling of Islam concerning those who work in the banks and those who place money in them without taking Riba based profits?
Answer:
There is no doubt that working in banks that deal with Riba is not permissible, because that is assisting them in sin and transgression. Indeed Allâh said:
"And cooperate in righteousness and piety, and do not cooperate in sin and transgression. And fear Allah. Indeed Allah is severe in punishment."
It has been confirmed from the Prophet that he cursed the person who devours Riba, the person who gives it, the person who writes it and its witnesses, and he said:
"They are the same (in sin)."
This was recorded by Muslim in his Sahih.
In reference to placing money in the banks while taking monthly or yearly interest, that is a form of Riba that is forbidden by the consensus (Ijma') of the scholars. In reference to the person placing the money (in the banks) without taking any interest, it is safer to avoid doing this, except in the cases of necessity if the bank deals with Riba. This is because placing the money in the bank, even if there is no interest in it, is assisting the bank in its Riba dealings. It is feared that the person who does this will be considered among those who assist in sin and transgression, even though he does not mean to do that. Thus, it is obligatory to beware of what Allâh has forbidden and seek safe methods of saving money and spending it. May Allâh give the Muslims success in doing that which contains their happiness, their might and their salvation. May He make it easy for them to quickly establish Islamic banks that are safe from the dealings of Riba. Verily, He has is in control of that and He is capable of doing it.
Source:
Ash-Shaykh Ibn Baz
Fatawa Islamiyah, Vol. 3 Page 383
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