Muslim's Bank
Question :

Muslims own a commercial bank. Is the interest credited by the bank to an individual’s savings account lawful?

Answer :

If the interest is stipulated in the contract, then the contract is void and prohibited.

Investing in Government Bonds
Question :

Is it permissible to invest money in government saving schemes and bonds which pay an interest to the investor? National saving schemes are those where the government borrows from ordinary citizens in exchange for a fixed return with interest.

Answer :

It is permissible to collect the mentioned interest, but you should not intend the interest-based deal. However, any funds received from the bank should be taken on behalf of his Eminence and then one should take ownership of it after that. It is better to help the needy believers with some of the collected interest if all of it is not needed.

Prizes
Question :

Is it permissible to take gifts and prizes from banks?

Answer :

Yes, it is permissible, provided that it is not pursuant to the terms of a loan contract from a bank owned by Muslims. It is permissible to take them from a bank owned by non-Muslims even if it is pursuant to a loan contract from a bank.

Non-interest Account
Question :

Can I open a non-interest bank account, where monthly prize draws will also take place, based on the amount of money in the account?

Answer :

If the contract of opening the bank account does not include this as a condition, then it is permissible to open it and claim the prize.

Foreign Banks
Question :

Is it allowed to invest money in foreign banks?

Answer :

Yes, it is permissible.

Working in Banks
Question :

Is it permissible for me to work in banks?

Answer :

It is permissible to work in banks, if one is not participating in any contract that involves interest, whether by becoming part of it – by representing the bank in lending for instance – or by writing the contract.

Saving Account
Question :

I deposited money in governmental national savings bank in Pakistan, knowing it will give me twelve percent interest after ten years. How should I withdraw the money in His Eminence’s name, and how much should I give to the needy by your permission?

Answer :

It is necessary when receiving the funds from such banks to intend to receive them on behalf of His Eminence, Grand Ayatollah Al-Hakeem (may Allah prolong his life), and to then take ownership of the funds after that, including the interest. You should then pay the financial religious obligations. Furthermore, it is better to use some of these funds given as interest to help needy believers.