What is the Islamic rule regarding dealing with banks engaged in rebawi (interest) transactions, such as opening checking accounts or letter of credit accounts?
A2. It is concedable for a Muslim living in Canada to open a checking account if there is a need for doing so. Those who want to be pure from any shubuhat (doubts), they must give away the interests paid by the banks on their deposits. Also, it is permissible for Muslim businessmen who find it necessary to open letter of credit accounts to do so with a condition not to be involved in interest transactions.
