What is the ruling of Islamic law on investing money in investment certificates with a variable and predetermined interest rate in a state-owned bank, and living off this interest?
We have previously explained the prohibition of investment certificates issued by the aforementioned bank, considering them usurious. Therefore, it is not permissible for a Muslim to deposit their money in a usurious bank, especially in interest-bearing deposits. These deposits must be withdrawn, and their interests disposed of by spending them on charitable causes or giving them as charity to the poor and needy.
If one is compelled to deposit their money in a usurious bank out of fear for it, then there is no harm in placing it in a current account without interest.
As for the claim that there is no source of income other than these interests, it is incorrect. The doors to halal sustenance are wide, and necessity does not justify this forbidden transaction.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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