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Banking (12):

Q1: Is it permissible to take bank prizes? Are they halal?

A: Yes, it is permissible provided that they were not a condition when the customer lend money to a Muslim owned bank. It is permissible if the bank was owned by non Muslims even if the prizes were conditional.

Q2: 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 halal or haram?

A: If it was a grant and not part of any condition then it is permissible to take it.

Q3: 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?

A: If opening the bank account is unconditional, then it is lawful to open it and claim the prize.

Q4: Is it permissible to take a loan from a muslim or non-Muslim (private or state-owned) banks?

A: It is not lawful to borrow from a Muslim bank with interest and it is permissible from non Muslim banks. If the bank is owned by a government, then it is allowed to take the amount without the intention of borrowing by collecting it behalf of the just religious ruler - the merji.

Q5: What is the ruling on depositing money in non-Muslim banks and taking the return (what some term Interest) from them?

A: It is permissible.

Q6: 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?

A: It is not permissible to stipulate interest even if it was less than the level of inflation.

Q7: Is it allowed to invest money in foreign banks?

A: It is permissible.

Q8: Is working in a bank right for a person even that Islam says that interest is illegal?

A: It is not permissible to make a deal that involves interest nor it is allowed to write it. Other works are permitted in banks.

Q9: 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?

A: It is not allowed to deposit funds in private banks if they pay interest. Yes, you are allowed to deposit in government banks but you should not intent 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 it in behalf of the religious ruler - The Just Mojtahid. His eminence grand Ayatollah Alhakeem gave the permission to the devotees to collect such monies on his behalf.

Q10: Most of the azeri banks propose to their clients mortgage loans with interest payments. So i wonder if it were permissible for a muslim to take these loans knowing that he will be obliged to pay interest for them?

A: It is not allowed with private banks and it is allowed with government banks without the intention of borrowing funds but the person collect the funds behalf of the religious ruler - The Just Mojtahid. And s/he then pay the interest just like paying taxes to the government.

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