What is the ruling on the investment certificate issued by commercial banks in Egypt, which involves paying monthly installments to obtain a lump sum after a specified period, with the bank covering the remaining installments in case of the subscriber's death?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
Usury is forbidden by Islamic law and is considered one of the major sins that constitute waging war against Allah Almighty. One form of it is a customer paying 18,0 to receive 100,0, which is precisely usury. Furthermore, the bank’s repayment of the remaining installments in the event of death falls under the categories of (excessive uncertainty/risk) and (gambling), and it is a form of forbidden life insurance. Therefore, one must avoid dealing with usurious banks.
Summarized from the full answer at Ftawy · imported
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- Original fatwa ID
- 35100
- Imported
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