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Shiavault - a Vault of Shia Islamic Books A Summary of Rulings Modern Issues Bank Transactions Institutions of (Interest) Free Loans Issue 970: Properties which people deposit in banks under the title of active accounts are considered as interest free loans to the bank. It is permissible for people to take it back and withdraw it when the please.

When this is done for compensation as a profit, it is forbidden and the loan is invalid and it is not permissible for the bank to utilize the deposit in this situation.

Issue 971: Short term and long term deposits which people deposit in Islamic interest free banks, the profit which the bank pays is only lawful for them when it is according to Islamic measures and the methods of Islamic contracts and agreements (of various types, like silent partnerships, partnerships, etc.) and the owner of the money is certain or there is a considerable probability that the bank establishes this contract and acts in a legal manner as a representative and authorized agent of the owner of the deposit.

As for when it is known with certainty that these matters are only for appearance and superficial and merely ink on paper, that profit is unlawful.

Issue 972: Whatever individuals receive from banks under the title of interest free loans (Qardhul-Hassanah) and loans other than that and, then, something is added to the loan at the time of returning the amount to the bank, it is only lawful when the transaction is completed in a legal manner according to the methodology of Islamic agreements and there is no impression of interest.

Issue 973: When people know of the existence of lawful money and unlawful money in the bank, however, they do not know the money which they are receiving is from the unlawful, there is no objection in receiving it. However, when they are certain that the money which they have received is taken from unlawful money, it is not permissible for them to utilize it. It is in the ruling of lost property.

Due to this, it is obligatory to donate (this unlawful money) in the way of Allah with the permission of the Religious Authority on behalf of the original owner, according to obligatory precaution. In this issue, there is no difference between foreign banks and domestic banks, governments or non-government banks. Issue 974: There is no objection in taking interest from foreign and non-Muslim banks. It is unlawful to take interest from banks which belong to Muslims.