I have deposited some money in my bank account. According to its rules and on monthly basis, the bank automatically transfers a certain rate of interest to my account. Is it considered to be usury? - Questions Archive - IslamQuest is a reference for Islamic questions on the internet

Text
Thematic Category
Question keywords
Question code number

Question

Answer

Question or Answer

Advanced search

Please Wait

Visit
6883

Last Updated: 2011/10/04

Website code number fa15264 Archive code number 17154

group Laws and Jurisprudence

Summary of question

I have deposited some money in my bank account. According to its rules and on monthly basis, the bank automatically transfers a certain rate of interest to my account. Is it considered to be usury?

question

I am a government employee and my salary is deposited in my bank account in a private bank. Sometimes, I withdraw my salary a few days later or I keep the money in my account. According to its rules and on monthly basis, the bank automatically transfers a certain rate of interest to my account. Is it considered to be usury?

Concise answer

The opinion of most of the grand religious authorities is as under:

If the bank acts as an agent (through a legal contract) on behalf of the client and it is carrying out its contracts in accordance with Islamic laws, there is no problem in taking the interest. However, if it is in the form of a loan it would be haram to lay down a condition for interest and to receive the interest.[1]

Ayatollah Bahjat: People’s deposits with banks and the interest which is given to them by the banks will be halal provided that it has been in accordance with the Islamic criteria and on the basis of Islamic contracts and agreements. For example, the bank can sell a property to the client on the condition that he will lend some money as a loan to the bank.[2]

Ayatollah Wahid Khurasani: If the client does not lay down a condition for interest and he does not consider the bank indebted to him, there is no problem in taking the interest even if [he knows that] the bank gives interest.[3]

[1] - Ayatollah Khamenei, Answers to Religious Questions (Ajwebat al-Istiftaat), question 1926 and 1940; Ayatollah Noori, Tawzih al-Masail, Current Legal Issues; Ayatollah Tabrizi, Istiftaat, question 2120; Ayatollah Makarem Shirazi, Istiftaat, vo.1, question 1377 and 1383 ; Ayatollah Fazel Lankarani, Jami' al-Masail, vol.1, question 1094 and 1095 and vol.2 question 2003; Ayatollah Saafi, Jami' al-Ahkaam, vol.2, question 1990 and 1991; extracted from Porsman Software.

[2] - Bahjat, Tawzih al-Masail, issue No. 2283.

[3] - Wahid Khurasani, Tawzih al-Masail, issue No.2850.

Detailed Answer

This question does not have a detailed answer.

Question translations in other languages

Comments

Number of comments 0

Thematic Category

Random questions

Is it true that some Muslim Gnostics can fly or levitate?

12266 Practical 2007/02/08

That which you have mentioned is an effect and result of Man’s spiritual strength, sometimes this may come about by acting in accordance with religious laws and legitimate ascetic discipline. This means that; by moving closer to Allah, Man can possess the greatest name ...
What are the distinct criteria through which we can distinguish a lafdhi mutawatir report from an ijmali or ma\'anawi one?

9619 Contextual study 2014/09/28

Mutawatir literally means for things to come one after another, without any interval between them and in hadithic terms, refers to a hadith that has been narrated by a group of narrators that one can be definite haven’t all agreed on forging and lying about altogether. Any ...
What are the features and privileges of Behar al-Anwar?

6998 Contextual study 2015/05/03

Behar al-Anwa being a huge hadith collection is the most important work by Allamah Muhammad Baqir Majlisi. It is a big encyclopedia of Shiite traditions encompassing all religious issues and themes including exegesis of the Quran, history, jurisprudence, theology etc. Some of the most important features of ...
Please explain the principles of Sheikh Toosi's political thought.

8594 Laws and Jurisprudence 2010/12/21

With the emergence of every era new needs and questions are generated which cause scientists and scholars to think and contemplate and strive to find appropriate answers to, and Sheikh Toosi is one the great scholars who has carried such a burden. The fundamentals of ...
Are there any women who reached the rank of ijtihad in religious seminaries?

9574 تاريخ بزرگان 2007/11/04

A worthy interaction of Islam with science, and requiring that from every Muslim man and woman, has resulted in women always studying the sciences in Islamic communities and finally some of them reached the rank of ijtihad.As an example, lady Mujtahideh Amin who passed away in 1403h. Lady Mujtahideh ...
Who were the Ansar?

9406 تاريخ بزرگان 2010/04/07

Ansar is the plural form of Naser from the root of Nasr, and means people who help and aid. In the advent of Islam, the residents of Medinah and its outskirts, especially the members of the two tribes of the Aws and Khazraj were called the Ansar, because ...
What is the relationship between man’s efforts and the sustenance that has been measured out for him?

12817 Traditional 2011/08/15

There are two kinds of sustenance. There is a sustenance that we go after and a sustenance that comes after us. In the traditions, the sustenance that comes after us is called “the sustenance that seeks,” and the sustenance that we seek has been named “the sought ...
What is the proof for Prophet Adam and Nuh (pbuh) being buried in Najaf?

23457 تاريخ بزرگان 2010/07/20

The main reasoning that proves the burial of Prophet Adam and Nuh (pbuh) in Najaf are the many hadith that disclose this fact. ...
Is it permissible to evade government tax in non-Islamic countries?

7801 Laws and Jurisprudence 2011/01/10

The answer given by Ayatollah Mahdi Hadavi Tehrani is as follows:1. You must abide by the rules of the country in which you are living except for when the rules may be opposed to Islamic Shari'ah.
I wish to know what the seven paradises are. Can you explain them for me?

47501 Traditional 2012/04/07

Dar al-Salam (Abode of Peace), Dar al-Jalal (Abode of Glory), Jannatul Mava (Garden of Refuge), Jannatul Khuld (Garden of Eternity), Jannatul Adan (Garden of Eden), Jannatul Firdous (Garden of Paradise) and Jannatul Naeem (Garden of Bliss) (or Delight) are names for the seven paradises which have been ...

How is Prophet Adam’s (A.S.) creation (about 5,764 years ago) make sense when fossils found from human beings are almost 25 million years old?

154860 Exegesis 2012/01/15

There is no inconsistence between these two. If we have heard that Prophet Adam has been created six to seven thousand years ago, this might refer to a different and new generation of human beings which started with Prophet Adam (A.S.) and might ...
Is lobster, clam, oyster and octopus halal?

110962 Laws and Jurisprudence 2012/02/18

Eating lobster, clam, oyster and octopus is haram. According to religious resources regarding halal and haram meat, there are general rulings and numerous standards; for instance, a set of rulings has been given for land animals, sea creatures, birds and so on.The condition for halal meat sea ...
What is meant by Sidratul-Muntaha that the Quran has mentioned?

109300 Exegesis 2010/04/07

This question doesn’t have a brief answer. Please click on the detailed answer. ...
Why are shrimps halal and crabs haram? What makes one of them halal and the other halal despite the fact that both of them are from the same category?

109116 Philosophy of Religion and Law 2012/03/18

Although all Islamic laws are a result of the benefits or disadvantages and harms that back them, and there is a particular reason behind each and every one of them, discovering the exact reason in detail for every one of them is extremely difficult. The most we ...
Is there any problem in sweeping and cleaning one”s house at night?

108250 Hadith 2015/06/07

1. Having conducted a research into Hadith (scriptural) sources, we found out that the narrations about cleaning, dusting and sweeping a house are absolute and unrestricted in the sense that they include both day and night. There is nothing to indicate that dusting and cleaning are forbidden ...
Can a Sunni girl get married to a Shia man and why? Please list the reasons.

103850 Philosophy of Religion and Law 2009/04/20

The popular viewpoint amongst Shia scholars and jurisprudents is that a Shia man can get married to a Sunni woman, but there is a difference of opinion regarding the marriage of a Sunni man with a Shia woman; most scholars see it as impermissible.The reasons behind the first ...
What is the definition of "Muslim" according to the Quran?

91163 Exegesis 2010/04/06

According to the Quran a Muslim is one who has absolutely surrendered to Allah and his commands and believes in pure Tawhid (the oneness of God) that isn't tainted with any Shirk and this is why the Almighty has introduced Prophet Abraham as a true ...
Why hasn’t Imam Ali (a.s.) been mentioned in the Holy Quran?

89653 Exegesis 2008/05/11

One should be aware that although the imam’s names, )especially Imam Ali’s(, haven’t been mentioned in the Quran, nevertheless, their names, )especially Imam Ali’s(, can be found in the Prophet’s sayings. One very good example is the hadith of Ghadir which is considered the official announcement of the appointment of ...
Why do we the Shia pray at three times while the Quran tells us to pray at five times?

81666 Laws and Jurisprudence 2010/08/14

The reason the Shia perform their prayers in three times is the Quranic verses and traditions on the matter. Although the Quran has mentioned that prayer is wajib several times and hasn’t gone into the details, it has spoken of its times: “Maintain the prayer from the sun's ...
What is the way of preventing Ehtelam (having wet dream) during sleep?

67941 Laws and Jurisprudence 2015/01/05

According to Islamic teachings and experience of others, for decreasing concupiscence and preventing Jinabat, please refer to the following recommendations: 1. Avoid dreaming and try to make yourself busy with good things such as reading books (non-sexual ones), heavy exercise, etc. Moreover, remember that idleness can lead ...

Links

Developed by AfarineshWeb

Thematic Category

Random questions

Popular

Links