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The question

Is Al Baraka Bank considered usurious after purchasing government debt instruments, and if so, is it permissible to dispose of thirty percent of the profits generated therefrom?

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

"Government religious tools" are usurious loans, and it is forbidden to deal with them. If the bank deals with usury, you must withdraw your money from the investment account and put it in the current account for safekeeping only, except in cases of extreme necessity, while avoiding interest. There are other problems in this bank's transactions. Strive to deal with another bank that is more committed to Sharia guidelines. If you are outside your country and cannot withdraw your balance, transfer it to a current account instead of a savings account, or leave the situation as it is until you can withdraw it upon your return. As for previous profits, give out half of them to purify the money from forbidden interest.

Summarized from the full answer at Ftawy · imported

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
16559
Imported
Translation status
Source text, unreviewed
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