<http://www.islamonline.net/english/index.shtml> Opening A Bank Account in a Non-Islamic Bank http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-Englis h-Ask_Scholar/FatwaE/FatwaE&cid=1119503548084 Question: Name of Questioner: Hasan, Egypt Dear scholars, As-Salamu `alaykum. I was wondering on the Islamic ruling of opening a bank account. Must it be in an Islamic bank or not? What about any interest I receive in my account: should I simply discard it or can I use it for personal use or should I spend it on more needy Muslims? Jazakum Allah khayran. Answer: Answered By: Monzer Kahf <http://www.islamonline.net/servlet/Satellite?cid=1119503614801&pagename =IslamOnline-English-Ask_Scholar%2FFatwaCounselorE%2FFatwaCounselorE> Wa alaykum As-Salamu wa Rahmatullahi wa Barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. Dear questioner, we would like to thank you for the great confidence you place in us, and we implore Allah Almighty to help us serve His cause and render our work for His Sake. In his response to your question, Dr. Monzer Kahf, a prominent Muslim economist and counselor states: "Dear brother in Islam, if you live in an area where an Islamic bank is accessible, you should use its facilities to open an account and other services unless it costs you much more than normally charged by other banks. Egypt has several Islamic banks and there seems no need to open an account with conventional banks in Egypt. If you happen to have earned interest, such interest must be given to the Muslim needy, preferably through Muslim charitable organizations. You cannot use it for any personal things, including payment of taxes or of interest you may have contracted with a riba-based institution. The reason is that earned interest is not yours and the contract via which you earn interest is not valid from the Shari`ah point of view. This means that it is still owned by the bank that gave it to you. But we do not leave it to the bank because it is interest-ridden (we then would be helping it do more evil). We have to treat it as money that has no owner; give it to charity. You will be rewarded for keeping your own money and finance pure from the evil of riba, but it is not considered a sadaqah." You can also read: * Bank Interests in the Eyes of the Shari`ah <http://islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=4600> * Depositing Money in Banks <http://islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=15332> * Putting Money in Western Banks <http://islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=21511> * What is Riba? <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=1992 9> * Wisdom behind Prohibition of Riba? <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=5359 > * Refuting Claims on the Permissibility of Bank Interest <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=9964 5> * What Should a Person Do with Interest from the Bank? <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=1083 03> * Should We Take Interest Money or Leave It for the Bank? <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=2218 3> * Fatwa on Bank Interest <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=3197 8> * Bank Interest <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=4600 > * Rules of Shari'ah regarding Funds Deposited in Interest-Based Banks <http://www.islamonline.net/fatwa/english/FatwaDisplay.asp?hFatwaID=3623 > "O you who believe, do not consume your property among yourselves wrongfully, but let there be trade by mutual consent..." (Quran; An-Nisa': 29) "O you who believe, fear Allah and give up what remains due to you of interest if you are indeed believers. And if you do not, then be warned of war (against you) by Allah and His Messenger, while if you repent you shall have your capital. Do not do wrong and you shall not be wronged." (Quran; Al-Baqarah: 278-279) The Prophet (peace and blessings be upon him) declared war on usury and those who deal in it; he pointed out its dangers to society, saying, "When usury and fornication appear in a community, the people of that community render themselves deserving of the punishment of Allah." (Reported by Al-Hakim; Abu Y'ala has reported something similar on good authority) With Kind Regards Mohammad Usman Jeddah-SAUDI ARABIA The sayings of our beloved Prophet Muhammad <http://muhammad.net/> (peace be upon him) 'Acquiring (religious) knowledge in company for an hour in the night is better than spending the whole night in prayer.' < Al-Tirmidhi;Narrated: Abdullah ibn Abbas (r) > --~--~---------~--~----~------------~-------~--~----~ Nor can Goodness and Evil be equal. Repel (evil) with what is better; then the enmity between him and you will become as if it were your friend and intimate! Visit: sultan.org Subscribe: [email protected] Post to group: [email protected] -~----------~----~----~----~------~----~------~--~---
