Question: Is it permissible to open a current account with a bank such as Triodos? Their current account has no interest, but the bank does charge a small monthly fee to cover the cost of running the account.
الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب
It is permissible for a bank to charge a fee to cover the cost of running the account, provided that the fee is a true reflection of the costs and not used as a vehicle to charge interest.
And Allah knows best.
Mufti Mohammed Zubair Butt
Chair, Al-Qalam Shariah Scholars Panel