The ruling on holding Shares in Banks that deal with Riba

Question :

Is it permissible to hold shares with banks that operate in the Kingdom (of Saudi Arabia), like the Saudi American Bank and the United Saudi Business Bank, that are now offering their shares for public subscription, and other banks? Please give us a beneficial answer. May Allâh reward you from us a thousand blessings of good.

Answer:

It is not permissible to hold shares in banks that deal with Riba. Likewise, Riba transactions with banks or anyone else are not permissible, because that is cooperating in sin and transgression. Allah says:
"And cooperate in righteousness and piety, and do not cooperate in sin and transgression."

Read more:

The ruling on renting Places for selling Videotapes

Question : I have some shops on a public street. I rented out some of them and s...

He died and he owed a Debt, so does his Soul still remain bound to it?

Question : Whoever died and he owed a debt that he was not able to repay due to ...

The ruling on buying Shares of Banks

Question : What is the ruling on buying shares of banks and selling them after a...

The Riba Banks: The Decision of the Figh Academy

Verily, the meeting of the Council of the Islamic Fiqh Academy in its 9th sessio...