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20 / 06 / 2026
Opening an Account in the Name of a Company at a Usurious Bank
I am the manager of a Jordanian company, and the owner of the company is in Canada. We opened a branch of the company in Palestine, but no Islamic bank in Palestine accepted to open an account for us without the presence of the company owner, which is very difficult. If the account is opened, the bank refuses to make any transfers to Jordan without invoices for that, and thus I can transfer the money for purchasing goods, but I cannot transfer the money for profits because they are not purchases and do not have invoices. There is a usurious bank that has branches in Jordan and Palestine and can transfer money very easily. Is it permissible in my case to open an account at the usurious bank for the company so that I can bring money from Palestine, knowing that the money stays in the usurious bank for about a week until the transfer is completed?
Answer
I say, and with God's guidance: It is permissible to open an account in a usurious bank out of necessity if it is impossible to conduct financial transactions through an Islamic bank. However, if any usurious profits are obtained from the usurious bank, they should be given in charity; because they are impure wealth, and God knows best.
