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The question

What is the ruling on depositing money in savings accounts and deposits in Islamic banks and benefiting from their profits, and what is the method of lawful earning from Islamic banks and joint-stock companies, and is it permissible to specify a percentage for profit or a monthly amount?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

It is permissible to deal with Islamic banks, deposit funds in them, and invest them in savings accounts. The profits derived therefrom are also permissible, as long as the bank's transactions adhere to the rulings of Islamic Sharia. This can be verified by inquiring with the bank's Sharia Supervisory Board or by asking trustworthy scholars about the bank. A sound Mudarabah (profit-sharing partnership) is based on a known share of the profit.

Summarized from the full answer at Ftawy · imported

Read the full answer on Ftawy
Source platform
Ftawy
Original fatwa ID
183817
Imported
Translation status
Source text, unreviewed
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