Answered by: Maulana Imran Mughal
Question:
Assalamu Alaikum Wa Rahmatullah
I live in India and I am about to create a bank account. I want to know things that I must avoid things like, interest etc which is haram in Islam. So, I want to know if there are more haram things in creating a bank account so that I refrain from it. (With Quran and authentic Hadith references).
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
Assalamu Alaikum Wa Rahmatullah
Strictly speaking, opening a bank account is not recommended for those that can avoid it, however, it has become a necessity in our times and therefore it is permissible to open a debit account provided it is interest-free. Other than interest, there are not any haram aspects of opening a bank account.
Allah says in the Holy Quran “Allah has permitted transactions and has forbidden riba.”[1]
Sayyiduna Abd Allah ibn Mas’ūd (Allah be pleased with him) narrates that the Messenger of Allah (Allah bless him and give him peace) cursed the one who accepted usury, the one who paid it, the witness to it, and the one who recorded it.[2]
Only Allah Ta’ala knows best
Written by Maulana Imran Mughal
Checked and approved by Ustadha Siddiqa
Darul Ifta Birmingham
[1] Quran, 2:275.
[2] Sunan Abu Dawud Hadith 3327.