Q 1: What is the Islamic legal opinion about
non-Islamic commercial banks that give loans with interest, and also give interest on the funds deposited with them,
noting that they have Fatwas (legal opinions issued by a qualified Muslim scholar) issued by some scholars stating that there is no problem with this?
A:
Interest imposed upon loans, whether by banks or any other associations is considered Riba (usury/interest) that is Haram (prohibited) by Ijma` (consensus of scholars). No Fatwa can be considered valid in this respect, because it is contradictory to evidence from the Qur'an, the Sunnah (whatever is reported from the Prophet) and the Ijma`.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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