Q: We inform you that we
deal with banks abroad using Riba (usury/interest) in their transactions. The method of transaction is that they pay interest to you after depositing a sum of money; and at the time of withdrawal, it deducts from 1% to 1.5% of the deposited sum.
Is the amount deducted at the time of withdrawing the sum interest?
What is mentioned is prohibited Riba according to the Book (the Qur`an), the Sunnah (action following the teachings of the Prophet) and the Ijma` (consensus of scholars); whether the interest is given by the bank or the owner of the account. Thus, you should abandon transactions that are executed in this usurious way.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.