Mufti Online — Madrasah Ta'leemuddeen

Islamic Bank accounts

· 18 Jumada II 1436 AH1 min readEnglish

Question

There are "halaal" bank accounts at conventional banks, who engage in ribaa, and I was wondering if it is allowed to create an account at a conventional bank, which is closer and more convenient when there is an Islamic bank, but further away and with only I think one or two branches where I live. Because even though I would not be getting interest, they will still be benefiting from the money I gave them, via investing it in a permissible way, which helps their business, which is a ribaa bank. Please let me know if it is sinful.

Answer

Unfortunately, I do not know the workings of either of the banks for it is quite common these days to use Islamic names only for commercial gains. The true Islamic values are totally or partly neglected.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/10343
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