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20 / 06 / 2026
Depositing an Account in a Usurious Bank
A woman has an amount of (30,000) pounds, and she wants to deposit it in a bank for a specified period, and the deposit will yield an interest of (8%). Is it permissible to give this interest as charity to the needy? What is the ruling on depositing in the bank?
Answer
I say, and with God's help: If this bank is usurious, then this interest is not permissible, and it must be given in charity. It is not permissible for her to deposit it in a usurious bank if there is an Islamic bank where it can be deposited. If the Islamic bank is unavailable, it is permissible for her to deposit it in the usurious bank out of necessity, provided that she gives the interest in charity. And God knows best.
