Q: We have been working in
Al-Rajihy
company for exchange and trading in its
Mahayel
branch office for approximately two years. During this period, we observed no transaction that went against the Islamic Shari`ah. The branch does not deal in loans. The foreign and Arab dealings and the current accounts are not based on Riba (usury/interest). The lending and borrowing transactions are done for free without incurring commissions or other payments. We are keen on working with lawful dealings, so please tell us whether our work is unlawful and harms us and our livelihoods or not. Moreover, there is a branch of the National Commercial Bank that gives interest-based loans in cash at an interest rate deducted from the amount of the loan before delivering it to the client. No one advised this bank to abandon this usurious transaction.
A:
When the bank has nothing to do with usurious dealings, then it is lawful to work in it; otherwise, it is impermissible to work in it.
As for the interest-based loans the bank gives in return for a percentage of the loan before delivering it, it is impermissible, as it is an interest-based lending. (Part No. 15; Page No. 55) May Allah grant us success. May peace and blessings of Allah be upon our Prophet Muhammad, his family and Companions!
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