Dealing with Prime Bank
Fatwa No: 85905

  • Fatwa Date:9-6-2003 - Rabee' Al-Aakhir 9, 1424
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Question

Is it ok to participate in what is called Prime Bank (www.primebankltd.com)?

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 ( may  Allaah exalt his mention ) is His slave and Messenger.

 

The mentioned bank is originally British and its transactions involve Riba (interest and/or usury). So, it is unlawful for a Muslim to deal with it in any of its Riba transactions that are specified in its site. Allaah Says (what means): {O you who have believed do not consume usury, doubled and multiplied, but fear Allaah that you may be successful.}[Quran 3: 130]

It is also confirmed that the Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) said: “Allaah has cursed the one who consumes Riba (i.e. usury or interest), the one who gives it to others, the one who records it and the one who witnesses it (its transaction).” He  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) said: “All of them are equal in sin.” [Muslim]

Allaah Knows best.

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