Q&A (Fatwa)

#1161: On Proceeds That Are Paid Into Accounts By Banks After A Given Period

“Question:
A bank credited someone’s account for making multiple transaction, can the person use it or is considered as riba?”

ANSWER:

Know, may Allah bless you and your family, that monies saved in banks are same as loans given to others as banks use your funds as loans given to companies and individuals. These loans generate interests that are paid back at certain percentages predetermined into the accounts of individuals who own these accounts.

It is not advisable to keep money in banks as savings as your money is used to facilitate Ribaah by the Banks accordingly. For this reason, a Savings Account is seen as a form of investment with very little interest rate but interest it is.

Therefore, those credits that you get from the banks are Ribaa and are Haraam for consumption.

What is Waajib on you is to give them out to the Needy not by way of Sadaqah but by way of getting yourself rid of them for they are not Halaal for you.

And Allah knows best.

Barakallahu fikum
Jazakumullahu Khayran.

Abū Āsim

28th Rabīu’th Thāni, 1443AH.

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