Opening Accounts in Interest-Based Banks
Written by: Imran Ayyub Lahori
Ruling
Opening an account in an interest-based bank is haram in Shari‘ah:
- If it is a savings account: It is prohibited because it involves taking and giving riba (interest).
- If it is a current account: It is also prohibited because it constitutes assisting in interest-based business.
Qur’anic Evidence
Allah ﷻ says:
﴿ وَلَا تَعَاوَنُوا عَلَى الْإِثْمِ وَالْعُدْوَانِ ﴾
“And do not help one another in sin and transgression.”
[al-Ma’idah: 2]
