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The question

Is depositing money in a bank savings account considered unlawful?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

The benefits of usurious banks are the very essence of the usury of Jahiliyyah (pre-Islamic ignorance), which is forbidden by the Qur’an, , and scholarly consensus. It is not permissible to deal with usurious banks in any way, given the existence of Islamic banks. However, if you are compelled to deal with a usurious bank due to a work requirement, and it is impossible to open an account with an Islamic bank, then it is permissible to open a current account to the extent of necessity. You should withdraw your salary immediately upon its deposit so that the bank does not benefit from it. If you are compelled to open a savings account, then any interest generated should be taken and spent on the welfare of Muslims and charitable causes. You should withdraw from your balances whenever you are able.

Summarized from the full answer at Ftawy · imported

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
45978
Imported
Translation status
Source text, unreviewed
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