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Fatwa CenterDepositing money in a current account in a usurious bank
Question
In pakistan, there are mainly 02 types of accounts that can be opened in a bank, saving account and current account.In saving accounts, we get riba on our deposits. Where as in current account types, the account holder do not get riba but the money in his account is used by the bank for getting ribaOne of the current account types is the account known as 'business partner plus account'. In this type of account, on maintaining a monthly average balance of Rs. 25,000 or more, some services are provided freely by the bank, which are not free for an ordinary current account type.i.e. the bank uses the money in giving loans and geting riba and in return provides some services free of charges which are not free for other types of accounts.So can we open this type of account or is the account holder is indirectly involved in getting riba?
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.
It is not permissible for a person to deposit his money in a Riba-based bank because this consists in cooperating with the bank in the sin that it is committing even if one does not receive any interest in return for depositing his money. Depositing money in the account (in such banks) helps the bank because the bank benefits from the money that is deposited in it. Indeed, it is not permissible to help a sinner in sin. Allaah says (what means): {And cooperate in righteousness and piety, but do not cooperate in sin and aggression.} [Quran 5:2]
However, if a person is in a country where there is no Islamic bank, and he fears losing his money, then it is permissible for him to deposit his money in a Riba-based bank, but in a current account, as this is less serious than other types of accounts.
The services offered by the bank in exchange for depositing money in it for a certain duration consists in Riba. This is because the owner of the money lends his money to the bank so that he benefits from those services. Indeed, any loan that causes a benefit consists in Riba.
Allaah Knows best.
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