Rafed English

Banking business

2876. There are two kinds of banking business: One of them is that in which interest is involved. It is not permissible to intervene or participate in it and those working in it are also not entitled to wages. The second kind is that in which interest is not involved. It is permissible to take part in it and to work in it on wages. In the matter of interest it makes no difference whether the bank belongs to a Muslim or to a non Muslim. The only difference is that in the case of a Muslim bank, interest will be treated to be derelict property and permission by the mujtahid or his representative will be required for its utilization, but in the case of a non Muslim bank no such permission is needed for the utilization of the interest, because property can be taken from such a bank with the intention of taking out money from its hands.

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