Ex-Mufti Says Islam Forbids Seizing People’s Deposits in Banks

Former Grand Sunni Mufti of the Republic Sheikh Mohammed Rashid Qabbani warned on Monday against seizing part of of people’s life savings in banks, saying it is “prohibited” in Islam.

“The Islamic legal pronouncement regarding deducting part of people’s savings in Lebanese banks is forbidden. Seizing people’s money is unlawful, and God Almighty knows best,” said Qabbani.

The ex-mufti said that “banks and the Lebanese State owe it to citizens who have entrusted them with their lifelong savings and money. The state is obliged to pay its debts to these people before paying any of its foreign debt or of its direct debt to banks.”

The ex-mufti’s remarks came amid talks the government is weighing the potential of a haircut.

Lebanese banks have been rationing deposit withdrawals and external transfers.

Lebanon has been grappling with an unprecedented economic and financial crisis triggered by mismanagement, corruption and squandering of public funds.

The outbreak of the novel COVID-19 coronavirus pandemic has added to Lebanon’s crises.

Source: Naharnet

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