Skip to main content

Can a Muslim Have an Account in an Interest-Based Bank?

All Praise be to Allaah.

Firstly:

A believer must be aware of the fact that depositing money in the bank in return of riba ie. Interest(usury) is a major sin and very derogatory in the sight of Allah. Allaah says in holy Quran:

“O you who believe! Be afraid of Allaah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers.

And if you do not do it, then take a notice of war from Allaah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)”

[al-Baqarah 2:278-279]

However if there is no other option and a person is forced to put his money in the bank either because there is no other safe place or because of the need of the time and certain laws of the country that makes it impossible for him to avoid banking then there is no sin for him as long as these two conditions are met.

1. He does not take any interest in return. He has to keep his conscience clear and avoid anything that may harm his hereafter and duniya as well.

2. That the bank does not deal only with interest, rather it should have some other activities that are permissible in which it invests the money deposited.
For a muslim it is not permissible to make use of any riba which the bank pays. A muslim must rid it by donating it to the charitable causes.

The interest that the depositor gets from the bank is regarded as riba or usury. It is not permissible to use this money on personal grounds. A muslim depositor should repent to Allah from depositing money in such banks. He should withdraw the money that he deposited and the interest, keep the original amount and donate the extra to charity, to the poor and needy or for renovating public facilities etc.

Do not give it back to the bank when you can easily use it to help the poor and needy such as giving it to the poor, renovating public washrooms, helping debtors who are unable to pay off their loans, etc.

And Allaah knows best.

May Allah keep us from all evil.

Comments

  1. Well noted. Dr what if a Muslim is working in a bank .

    ReplyDelete
  2. Sorry my name is Issahaku Zeinab

    ReplyDelete
  3. Sorry my name is Issahaku Zeinab

    ReplyDelete

Post a Comment

Popular posts from this blog

SEX BEFORE MARRIAGE AND ITS CONSEQUENCES.

In the name of Allah, most compassionate and most merciful. “From among the signs of the Hour (end of time) are that religious knowledge will be taken away (by the death of religious scholars), ignorance will prevail, drinking of alcoholic drinks, and there will be a prevalence of Zina.” – Prophet (saw) We begin our topic with these words of our beloved Prophet. How true were his words? We live in a world where all these things are prevalent and unfortunately in our Muslim community as well. Many of our Muslim brothers and sisters are trapped in the evil of Zina and it has become a norm for them, as a result they don’t even consider it haram and unlawful. Allah says in holy Quran: Sūrah al-Isrā’, 17:32: “And do not even approach zina, for it is an outrageous act, and an evil way…’’ We are not going into detail about why Zina is unlawful but in this article, you will find the consequences of this sin. How this affects a life of a person physically, mentally, spiritually and so

MUSLIMS MOURN ALI BANAT - THE MAN ‘GIFTED WITH CANCER’

It’s a sad day for all those who knew Ali Banat, the young man gifted with cancer. Ali Banat was an inspiring Australian Muslim philanthropist whose diagnosis of cancer motivated him to dedicate his life to charity work. “At this point in my life, Alhamdulillah I have been gifted by Allah with cancer throughout my body and I have changed my whole life to helping people,” he said. An Inspiration to Muslim Youth A man of a kind heart was known for his charity work over the past three years. One of his biggest achievements is MATW project, (Muslims Around The World) launched in October 2015 to assist those less fortunate in the poverty-stricken areas of Togo, Africa. He was an inspiration to Muslim youth, dedicating his big fortune to charity work. His organization built mosques and schools for the less fortunate in Africa. May Allah accept it from him! Indeed, to Allah we belong and to Him we shall return. May Allah have mercy on our brother Ali Banat and make it easy

THE MAN WHO INSPIRE MILLIONS OF MUSLIMS EVEN WHEN HE IS PASSED AWAY (ALI BANAT)

Ali Banat is a sydney born who was diagnosed with Cancer and doctors have given him only 7 months to live. Despite his circumstances, he considers this a gift from Allah. Ali Banat, is a young man who, in his own words, was “gifted” with a stage 4 cancer throughout his body. He was given just a few months to live but took this great test as an opportunity to change his life. Upon receiving this news he immediately sold his business, gave up his lavish lifestyle and prized possessions and began a new mission to give up his Dunya and work for his Akhira. Ali has humbly dedicated the remainder of his life to helping those who are far less fortunate than him and in doing so, set up the charity MATW Project (Muslims Around The World) which has already changed the lives of so many. Being diagnosed with cancer is like death sentence for many. But this is not the way Australian Muslim Ali Ali Banat sees it. For him, the sickness is unquestionably a gift from Allah. “At this point in m