Keeping money in a bank for safekeeping

Question

Question: A certain person, a mutawalli (trustee of a waqf), keeps the money with himself, thinking that in the Shariʿa of Islam it is forbidden to deposit money in any bank. Some people say that keeping it in a bank is better than with the people of today. Which of these is correct?

Answer

It is better not to deposit money in a bank. If there is no other way, then, to the degree of necessity, depositing money in a bank is permissible — provided there is no fear of the money being lost there.

Source: Fatawa Mahmudiyya

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