The ruling on holding Shares in Banks that deal with Riba

The ruling on holding Shares in Banks that deal with Riba


Question :

Is it permissible to hold shares with banks that operate in the Kingdom (of Saudi Arabia), like the Saudi American Bank and the United Saudi Business Bank, that are now offering their shares for public subscription, and other banks? Please give us a beneficial answer. May Allâh reward you from us a thousand blessings of good.


Answer:

It is not permissible to hold shares in banks that deal with Riba. Likewise, Riba transactions with banks or anyone else are not permissible, because that is cooperating in sin and transgression. Allah says:
"And cooperate in righteousness and piety, and do not cooperate in sin and transgression."


Source:
Ash-Shaykh Ibn Baz
Fatawa Islamiyah, Vol. 3 Page 387

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