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


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Banking
Q [1]  Is it permissible to take bank prizes? Are they permissible?
Yes, it is permissible provided that it is not a condition in the lending deal from a bank owned by Muslims. It is permissible to take it from a bank owned by non-Muslims even if the prize is condition in a deal.
Q [2]  If we deposit some amount in the bank and they offer some profit to us can we get it or not. I want to ask if it is permissible or not?
If it was an unconditional grant then it is permissible to take it.
Q [3]  Can I open non-interest bank account, where monthly draw will also take place. The more money you have in your account, the more chances you will have in the draw. There will be 100 monthly winners and four types of prizes will be given; first prize, second prize, third prize and 4th to 100th prize (same amount). Is it permissible to open such account?
If opening the bank account does not include a condition, then it is permissible to open it and claim the prize.
Q [4]  Is it permissible to take a loan from a Muslim or non-Muslim (private or state-owned) banks?
It is not permissible to borrow 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 do so from non-Muslim banks. It is permissible to borrow from both kinds of banks if the loan was without 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 (May Allah prolong his life).
Q [5]  What is the ruling on depositing money in non-Muslim banks and taking the Interest?
It is permissible.
Q [6]  What is your definition of Interest or as the Qur`an calls it, Riba? Does this term apply to all forms of profit, which are given/taken including banks and other institutions, or is there merely given as a "cost of living increase" and "inflation"? Can the Qur`anic definition of Riba be applied today to the Western banking structure?
It is not permissible to stipulate interest even if it was less than the level of inflation.
Q [7]  Is it allowed to invest money in foreign banks?
Yes, it is permissible.
Q [8]  In fact most of government banks propose to their customers deposit accounts with fixed interest payments. Is it permissible to deposit money in these accounts with intention to obtain the interest?
It is not allowed to deposit funds in private banks if interest is stipulated in the contract. Yes, you are allowed to deposit in government banks but you should not intend to make a deal with the bank. You should give the funds based on the fact that you will receive another amount without the intention of borrowing. It is also mandatory when receiving the funds to intend to receive them on behalf of the His Eminence, The Grand Ayatollah Al Hakeem (may Allah prolong his life) as he gave his permission to the devotees to collect such monies on his behalf and own them afterwards.
Q [9]  Most of the banks propose to their client mortgage loans with interest payments. So I wonder if it is 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 and it is permissible from government banks without the intention of borrowing but the individual collects the funds on behalf of the his eminence (may Allah prolong his life) and own them after that. Interest is then paid just like paying taxes to the government.
Q [10]  What is your ruling on dealing with banks? Is there difference between Government and Private Banks; Muslims and Non-Muslim banks? Is it permissible for me to work in banks?
1. It is allowed to deal with government banks provided that it is not with the intention of collecting interest and it must be on behalf of his eminence.
2. For private ones, it is not permissible to pay or collect interest from Muslim owned banks. It is not permissible to pay interests but it is allowed to collect them from non-Muslim owned banks.
3. It is permissible to work in banks, if one is not participating in making a deal 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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