Question :
A question was asked about [the validity of] dealing with non-Islamic banks.
Fatwa in Brief: This is not permitted. All bank
work is illegal because it is based on the practice of
riba.
Fatwa of the Permanent Committee, no. 21406
Response:
If banks declare that they work according to [the
principles and demands] of Islamic law, and they set up
a committee consisting of established legal scholars to
[monitor and] approve their work, it is permitted to
deal with [and invest one’s money in] them.
Commentary:
If banks declare that they work according to [the
principles and demands of] Islamic law in all dealings,
and they set up an internal committee of established
scholars to [monitor and] approve their work, then it is
legal to deal with these banks. The responsibility for
[the validity of] these dealings will be carried by the
censorship committee.
And God knows best.
Dr. Anas Abu Shadi
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