Office Of Grand Ayatollah Sayyed M.S.Al-Hakeem


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Banking
Q [1]  If we deposit some amount in the bank and they offer some profit to us, is it permissible to take it?
If it is an unconditional grant, not pursuant to any loan contract, then it is permissible to take it.
Q [2]  What is the ruling on depositing money in non-Muslim banks and taking the Interest?
It is permissible.
Q [3]  Most government banks propose to their customers deposit accounts with fixed interest payments. Is it permissible to deposit money in these accounts with the intention of obtaining the interest?
You are allowed to give money to government banks. It is necessary when receiving the funds from such banks to intend to receive them on behalf of his Eminence, Grand Ayatollah Al Hakeem (may Allah prolong his life), and to then take ownership of the funds after that.
Q [4]  Is it permissible to take a loan from Muslim or non-Muslim (private or state-owned) banks?
It is not permissible to take a loan from a private bank that is wholly or partially owned by a Muslim with a condition to pay interest to the bank. It is also not permissible to take a loan from a non-Muslim private bank. It is permissible to borrow from both kinds of banks if the loan agreement was without stipulation of any interest.
If the bank is owned by a government, then it is allowed to take the money without the intention of borrowing it, but with the intention of taking it on behalf of his Eminence and own them afterwards. The money is paid will be treated like government taxes.
Q [5]  Most of the banks propose to their clients mortgage loans with interest payments. Is it permissible for a Muslim to take these loans knowing that he will be obliged to pay interest for them?
It is not allowed to take mortgage loans with interest from private banks. It is permissible from government banks without the intention of borrowing, but the individual collects the funds on behalf of his Eminence (may Allah prolong his life) and then takes ownership of them after that. Interest is then paid just like paying taxes to the government.
Q [6]  Is it permissible to take gifts and prizes from banks?
Yes, it is permissible, provided that it is not pursuant to the terms of a loan contract from a bank owned by Muslims. It is permissible to take them from a bank owned by non-Muslims even if it is pursuant to a loan contract from a bank.
Q [7]  Can I open a non-interest bank account, where monthly draws will also take place, based on the amount of money in the account?
If the contract of opening the bank account does not include this as a condition, then it is permissible to open it and claim the prize.
Q [8]  Does interest apply to all forms of profit, which are given/taken including banks and other institutions, or is it there nowadays merely given as a "cost of living increase" and "inflation"?
It is not permissible to stipulate interest in any agreement or contract, even if it was less than the level of inflation.
Q [9]  Is it allowed to invest money in foreign banks?
Yes, it is permissible.
Q [10]  Is it permissible for me to work in banks?
It is permissible to work in banks, if one is not participating in any contract that involves interest, whether by becoming part of it – by representing the bank in lending for instance – or by writing the contract.

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