Written by: Fatwa Saudi Fatwa Committee
«وَقَدْ فَصَّلَ لَكُم مَّا حَرَّمَ عَلَيْكُمْ إِلَّا مَا اضْطُرِرْتُمْ إِلَيْهِ»
[Al-An'am: 119]
"Indeed, He has explained to you what He has prohibited, except that to which you are compelled."
Once you find an Islamic bank or a trustworthy place to deposit your money, you should avoid cooperating with interest-based banks, as depositing money in them will no longer be permissible.
[Ibn Baz: Majmua' al-Fatawa wa al-Maqalat, 419/19]
Depositing Money in Interest-Based Banks When Necessary
It is not permissible to deposit money in interest-based banks, even if you do not receive interest, because this involves cooperation in sin and injustice, which Allah has prohibited. However, if you are compelled to do so and there is no other safe place to store your money, then due to necessity, there is no harm in doing so, as long as you do not take any interest. Allah (SWT) says:«وَقَدْ فَصَّلَ لَكُم مَّا حَرَّمَ عَلَيْكُمْ إِلَّا مَا اضْطُرِرْتُمْ إِلَيْهِ»
[Al-An'am: 119]
"Indeed, He has explained to you what He has prohibited, except that to which you are compelled."
Once you find an Islamic bank or a trustworthy place to deposit your money, you should avoid cooperating with interest-based banks, as depositing money in them will no longer be permissible.
[Ibn Baz: Majmua' al-Fatawa wa al-Maqalat, 419/19]