Opening A Current Account In A Conventional Bank
The activities of a Banking institution have evolved significantly over the last two decades and they have signifantly shifted from a Riba-based model to Financing-based model in essence. However, there is still room for improvement but a Bank’s primary source of revenue is no longer Riba only, they are also conducting hire-prchase transactions and Mortgage Transactions on which no objection can be raised. Secondly, we are taking a service from bank where bank keeps our money safe and charges us certain amount in exchange for those services. This arrangement in essence is Halal and therefore, no objection can be raised on a person keeping money in a bank account. What bank does with that money is not our responsibility, rather it is the bank which is responsible for misusing that money in earning riba. Please also watch the following video which explains that evolution of Banking Sector in recent years and the changed nature of its activities now. https://youtu.be/IIPL6HwqtyM?si=F51xiQ3itZi1LWzw