However...

However, there is no harm in obtaining loan from such a bank with the permission of the jurist or his representative, although the person obtaining the loan may be aware that, whether he likes it or not, the bank will charge some additional amount from him, and even though he will have to pay the additional amount when the bank demands it, he can take the loan from the bank. 2860. It is not lawful to deposit money in a government bank to earn interest.

However, there is no harm in making such a deposit without making a stipulation for payment of interest i.e. if one intends not to demand interest in case the bank does not pay him the same. However, if the bank gives him profit he can accept it with the permission of the mujtahid or his representative as derelict property[^1] (Malul Majhul) This also clarifies the position of a bank whose capital is jointly owned by the government and the public i.e.

its property is to be treated as derelict and the same orders apply to such a bank as they apply to a government bank. These are the orders relating to the Islamic banks. As regards the banks belonging to the non-Muslims, however, property may be obtained from them without the intention of taking loan and without obtaining permission for doing so from the mujtahid. Nevertheless, as regards depositing money in such banks, the same rules apply to them as they apply to the Islamic banks.

Letter Of Credit For Export 2861. It is lawful for one to obtain an L/C from a bank for import and export business and it is also apparently lawful for a bank to provide foreign exchange on payment of commission and to charge commission, because from the point of view of jurisprudence such a commission will either be called 'wage'[^2] or 'agreement'[^3] and it is also possible to treat it as sale and purchase.

As the bank pays the price of the goods by means of foreign currency it is possible that the bank may sell the foreign currency payable by an importer at such a price that it may also earn its own commission from it and as the transaction takes place with regard to two different things it is in order.

In this regard another alternative can be that tile persons engaged in import and export business may obtain information through the bank and then the bank may continue to provide the goods and pay its price on the basis of L/C. In such circumstances it will also be lawful. 2862.