What is the ruling on depositing money in banks such as Faysal Islamic Bank, Egyptian Saudi Finance Bank, and Bank Misr’s Islamic Transactions Branch, especially concerning the guarantee of goods in Murabaha, insuring goods for the benefit of the bank, the Mudarabah system at Faysal Islamic Bank, and the inclusion of the Islamic branch’s budget within the original bank’s budget at Bank Misr? Is it permissible to deposit money in banks that offer forbidden loans without taking out such loans?

The principle lies in the content, not the names. A Muslim must ensure that the bank they deal with adheres to the rulings of Sharia. In murabaha sales, the bank must purchase the commodity, take possession of it, and bear the responsibility for its destruction before selling it to the requesting party; otherwise, the contract is void. The bank may stipulate cooperative insurance for the client, but not commercial insurance. It may also prevent the client from selling the car until the price is fully paid. As for depositing money in a branch of an interest-based bank, there is no harm in it if its transactions are permissible and it is subject to reliable Sharia supervision. Usurious interest must be disposed of by spending it on charitable causes.