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The question

What is the ruling on depositing money in the International Islamic Bank in Alexandria, which gives variable profits, and are its transactions Islamic? And what are the names of the Islamic banks in Egypt?

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

Islamic banks were established as an alternative to interest-based banks to solve people's banking problems while preserving the Sharia. A bank is not Islamic unless it adheres to the controls of Sharia, and the name is irrelevant if the named entity violates it. A general ruling on banks claiming to be Islamic is not possible due to their varying degrees of Sharia application, and the differing seriousness of their management and Sharia supervisory boards. It is not possible to specify particular bank names in Egypt, and one should consult specialists to ensure that transactions comply with Sharia controls.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
51788
Imported
Translation status
Source text, unreviewed
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