http://sistani.org/index.php?p=616687&id=1132
BANKING questions
Question :
If a Muslim tries to
get from the bank’s
cash dispensing
machine some of his
own money and more
money than what he
had asked for is
dispensed, is he
allowed to take the
extra money without
the bank knowing
about it?
Answer :
It is not
allowed.1
Question :
n the West, it is
possible for a
person to open a
variety of current
accounts with high
or low interest
rates equally
without any
difficulty in both
the cases. Is it
permissible to open
accounts with high
interest rate with
the understanding
that the person will
not demand the
interest, if the
bank denies it to
him?
If it is not
permissible, is
there a solution
that would allow
them to open such an
account knowing well
that they, in their
heart, are seeking
the best interest?
Answer :
They are allowed
to open the account
in the bank and it
is [also]
permissible for them
to deposit in it
with the condition
of earning the
interest, if the
bank is financed by
non-Muslim
governments or
people.2
Question :
Banks in the West
give loans —known as
mortgage— to those
who do not have
enough money to buy
houses; this is to
be paid back in
[weekly or monthly]
instalments with a
high rate of
interest. Is a
Muslim allowed to
use this facility?
If it is not
permissible, is
there a solution in
your view for
someone who claims
that he needs the
mortgage to buy his
own residential
house and does not
possess enough money
to pay for it?
Answer :
It is permissible
to take the money
from the bank that
is financed by
non-Muslim
government or
private funds but
not with the
intention of loan.
The knowledge that
the bank will sooner
or later force him
to pay the capital
as well as the
interest does not
affect [the
lawfulness of] his
taking the money.3
Question :
Some trading and
manufacturing
companies get loans
from private or
state banks in
Muslim countries and
also from other
[non-Muslim]
institutions with
the condition of
interest; and they
also earn interest
on the deposits they
leave in those
banks. Are we
allowed to buy
shares from these
companies or be
partners in their
ventures?
Answer :
If the
partnership with
them is like
participating in
their
interest-bearing
activities, it is
not allowed.
However, if Muslims
own the company and
it receives interest
from the banks of
non-Muslims, there
is no problem [in
buying its shares or
partnership] from
this perspective.4
Question :
Some governments and
some companies in
non-Muslim as well
as Muslim, countries
deposit the salaries
of their employees
directly into their
accounts in the
banks. The employee
does not get the
money in his hand,
although he can
withdraw it whenever
he wants. Now, if
the statement of his
account shows that
the money has
surpassed his annual
expenses, is khums
obligatory on it?
Answer :
Khums is
obligatory in what
has surpassed his
annual needs, except
in the case of a
government employee
in a Muslim state
that deposits his
salary into a state
or private bank. In
the latter case,
khums would not be
obligatory on the
salary that has been
deposited in the
bank until he
[physically] takes
possession of it
with the permission
of the mujtahid*
Then the salary will
be included in his
income of that year
and khums will
become obligatory on
what is in excess to
that year’s
expenses.5
Question :
Is it permissible to
take bank prizes?
Are they halal?
Answer :
If the bank
embarks on such a
process without
imposing a condition
on its customer when
they deposit their
money with it,
rather encouraging
them to increase
their deposit and
attract others to
join in, it is
permissible. It is
also permissible for
the person who wins
a prize to accept it
- as majhoulil malik
- after getting the
permission of the
Marji', as a matter
of ihtiyat. That is,
if the bank was
state owned or of
joint ownership, he
has the right of
disposal over it
after consulting the
Marji'. If the bank,
however, is owned by
a private party, it
is not necessary to
obtain the
permission of the
Marji' to accept the
prize and have the
right of disposal
over its money.
However, if the bank
carries out such a
free draw and gives
the prize in
fulfilment of a
condition imposed by
its customers in the
loan contract or the
like, it is not
permissible to do
so. It is not
permissible, too,
for the winner of
the prize to accept
it in fulfilment of
the condition. It is
permissible to
accept it without
the condition.6
Question :
Is it permissible to
“shop around” for
the bank or account,
which offers us the
best return rate on
our money
(Interest)?
Answer :
It is permissible
in a non-Muslim
country.7
Question :
What is your
definition of
Interest or as the
Qur`an calls it,
Riba (usury)? 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?
Answer :
ll instances are
considered Riba.
However, taking
interest from
non-Muslim banks is
permissible.8
Question :
Is it allowed to
invest money in
foreign banks?
Answer :
It is
permissible.9
Question :
Is it permissible to
work in a bank?
Answer :
If your job does
not have anything to
do with interest,
there is no problem
in it.
Interest Questions :
http://sistani.org/index.php?p=616687&id=1220
Question :
Is it permitted to
pay interest to
non-Muslims and also
take interest from
them?
Answer :
Giving interest
to a non-Muslim in a
deal that is based
on interest is
impermissible and
receiving it
(interest) is
permissible and
there is no
objection in it.1
Question :
a) Is it permissible
to deposit or borrow
money from Muslim
banks whereby the
interest is either
received or paid
out?
b) Is the law of
interest in
borrowing/depositing
similar with Muslim
/non-Muslim banks?
Answer :
a): It is
permissible to
deposit money in a
bank without prior
condition for
interest and it is
as well permissible
to take interest, if
the bank in which
money is deposited
belongs to Muslims.
If it belongs to
government, it is
permissible to take
interest provided
that half of the
interest is given
away to poor people
(momeneen of them).
It is not
permissible to take
a loan from a
national bank (bank
owned by muslims)
with interest. But
if the bank is owned
by government it is
permissible to take
loan with interest
provided that taking
loan should be with
the intention of
securing a property
whose owner is
unknown. Having
taken the loan he
considers it as a
loan given to him on
behalf of a Hakim
Shara' (Islamic
judge). Grand
Ayatollah Seestani
has permitted this.
b): Answered above.2
Question :
Is it permissible to
receive interest
from a non-Muslim
bank? What about
taking loan with
interest, is it
permissible?
Answer :
It is absolutely
permissible to take
interest from a
non-Muslim bank.
Even making a
condition for
obtaining interest
is permissible.
Taking a loan with
an interest is not
permissible unless
one takes it with
the intention of
securing the money
after which he
considers it as loan
given to him on
behalf of Hakim
Shar’a (Mujtahed).3
Question :
If I know that the
bank will give me
interest even
without stipulating
the conditions, is
it permissible for
me to deposit in a
savings account that
takes the form of a
term-deposit?
Answer :
Yes, it is
permissible, as long
as you do not
stipulate the
conditions of
interest.5
Question :
Is it permissible to
take interest from
unbelievers,
especially for those
who live in their
countries?
Answer :
Yes, apparently
one is allowed to
take interest from
the unbelievers
whose property is
not honored.6
Question :
Yes, apparently one
is allowed to take
interest from the
unbelievers whose
property is not
honored.
Answer :
Taking mortgage
with interest is not
permissible but you
can take the money
of the unbelievers
with the intention
of securing the
money (from their
hands). Then, if you
did not spend the
money throughout a
year, khums (1/5)
would become
obligatory and it
would no longer be
dealt with as loan.7
Question :
Can I take an urgent
loan from a
non-Muslim bank,
even if I know that
the bank will charge
interest?
Answer :
If a Muslim
intends to get a
loan from such
banks, it is
necessary that he
should do so with
the intention that
it is a transaction
without return, even
if he knows that he
will end up paying
the capital as well
as the interest. And
he should not do so
with the intention
of getting the loan
with the condition
of [paying]
interest.
