Question

Dealing with a bank whose shareholders' money is not lawful

433

Question

salam, Is is halal to deal with an bank saying it is an islamic bank when the money of this bank shareholders is not halal ( tourism/alcohol, insurance ,stolen money ,money from riba bank) chokran

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Accepted Answer

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His Slave and Messenger.

If the money of the shareholders of this bank is totally unlawful, it is not permissible to deal with this bank. But, if their money is mixed, i.e. combining both lawful and unlawful money, it is permissible to deal with this bank on condition that its transactions are regulated by the boundaries of the Sharee‘ah.

In fact, it is not enough that the bank claims to be Islamic. For further information about the work regulations of the Islamic banks, see Fataawa 86125 and 83941.

Allaah Knows best.

Fatwa

Dealing with a bank whose shareholders' money is not lawful

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Answer

Related Fatwa

Taking Personal Loan from Islamic Banks in Qatar

Obligation to pay accumulated bank fees

Bank is entitled to refuse investments of those whose income is doubtful

An Islamic bank offering a fixed profit rate

Islamic finance companies asking for securities from their clients

Cooperation for establishing Islamic banks

Disposing of a car purchased from an Islamic bank before paying its full price

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