Banking: Islamic Ruling on Dealings with Various Types of Banks in Muslim Countries

Practical Laws of Islam as per the teachings of Imam Khamenei

Banking: Islamic Ruling on Dealings with Various Types of Banks in Muslim Countries

English:

Question #1912:

What should become of the dealings with banks of all sorts that exist in Muslim countries, among which are banks owned by repressive regimes, non-Muslim countries, or privately owned ones, whether by Muslims or non-Muslims?

Answer #1912:

There is no objection to being party to any shar‘ī and permissible transaction conducted with the banks. As for ribā-based transactions and taking ribā from Muslim banks or institutions, they are not permissible unless the capital of the bank is owned by non-Muslims.

-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Banking