Dealing with Prime Bank

9-6-2003 | IslamWeb

Question:

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

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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 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 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 said: “All of them are equal in sin.” [Muslim]

Allaah Knows best.