1
Question: Is it permissible to work in a bank?
Answer: If your job does not have anything to do with interest, there is no problem in it.
2
Question: Is it allowed to invest money in foreign banks?
Answer: It is permissible.
3
Question: What is your definition of Interest or as the Qur`an calls it, Riba (usury)? Does this term apply to all forms of profit, which are given/taken including banks and other institutions, or is there merely given as a “cost of living increase” and “inflation”? Can the Qur`anic definition of Riba be applied today to the Western banking structure?
Answer: ll instances are considered Riba. However, taking interest from non-Muslim banks is permissible.
4
Question: Is it permissible to “shop around” for the bank or account, which offers us the best return rate on our money (Interest)?
Answer: It is permissible in a non-Muslim country.
5
Question: Is it permissible to take bank prizes? Are they halal?
Answer: If the bank embarks on such a process without imposing a condition on its customer when they deposit their money with it, rather encouraging them to increase their deposit and attract others to join in, it is permissible. It is also permissible for the person who wins a prize to accept it - as majhoulil malik - after getting the permission of the Marji', as a matter of ihtiyat. That is, if the bank was state owned or of joint ownership, he has the right of disposal over it after consulting the Marji'. If the bank, however, is owned by a private party, it is not necessary to obtain the permission of the Marji' to accept the prize and have the right of disposal over its money.
However, if the bank carries out such a free draw and gives the prize in fulfilment of a condition imposed by its customers in the loan contract or the like, it is not permissible to do so. It is not permissible, too, for the winner of the prize to accept it in fulfilment of the condition. It is permissible to accept it without the condition.
However, if the bank carries out such a free draw and gives the prize in fulfilment of a condition imposed by its customers in the loan contract or the like, it is not permissible to do so. It is not permissible, too, for the winner of the prize to accept it in fulfilment of the condition. It is permissible to accept it without the condition.
6
Question: Some governments and some companies in non-Muslim as well as Muslim, countries deposit the salaries of their employees directly into their accounts in the banks. The employee does not get the money in his hand, although he can withdraw it whenever he wants. Now, if the statement of his account shows that the money has surpassed his annual expenses, is khums obligatory on it?
Answer: Khums is obligatory in what has surpassed his annual needs, except in the case of a government employee in a Muslim state that deposits his salary into a state or private bank. In the latter case, khums would not be obligatory on the salary that has been deposited in the bank until he [physically] takes possession of it with the permission of the mujtahid* Then the salary will be included in his income of that year and khums will become obligatory on what is in excess to that year’s expenses.
7
Question: Some trading and manufacturing companies get loans from private or state banks in Muslim countries and also from other [non-Muslim] institutions with the condition of interest; and they also earn interest on the deposits they leave in those banks. Are we allowed to buy shares from these companies or be partners in their ventures?
Answer: If the partnership with them is like participating in their interest-bearing activities, it is not allowed. However, if Muslims own the company and it receives interest from the banks of non-Muslims, there is no problem [in buying its shares or partnership] from this perspective.
8
Question: Banks in the West give loans —known as mortgage— to those who do not have enough money to buy houses; this is to be paid back in [weekly or monthly] instalments with a high rate of interest. Is a Muslim allowed to use this facility? If it is not permissible, is there a solution in your view for someone who claims that he needs the mortgage to buy his own residential house and does not possess enough money to pay for it?
Answer: It is permissible to take the money from the bank that is financed by non-Muslim government or private funds but not with the intention of loan. The knowledge that the bank will sooner or later force him to pay the capital as well as the interest does not affect [the lawfulness of] his taking the money.
9
Question: n the West, it is possible for a person to open a variety of current accounts with high or low interest rates equally without any difficulty in both the cases. Is it permissible to open accounts with high interest rate with the understanding that the person will not demand the interest, if the bank denies it to him?
If it is not permissible, is there a solution that would allow them to open such an account knowing well that they, in their heart, are seeking the best interest?
If it is not permissible, is there a solution that would allow them to open such an account knowing well that they, in their heart, are seeking the best interest?
Answer: They are allowed to open the account in the bank and it is [also] permissible for them to deposit in it with the condition of earning the interest, if the bank is financed by non-Muslim governments or people.
10
Question: If a Muslim tries to get from the bank’s cash dispensing machine some of his own money and more money than what he had asked for is dispensed, is he allowed to take the extra money without the bank knowing about it?
Answer: It is not allowed.
