What is the Sharia ruling on the fatwa issued by the Academy of Islamic Research (Majma' al-Buhuth al-Islamiyya) which permits dealing with banks that predetermine the profit on deposits, and what is your opinion on their reliance on the Almighty's saying: "O you who have believed, do not consume one another's wealth unjustly but only [in lawful] trade by mutual consent"?
"Depositing money in usurious banks for a predetermined interest, with guaranteed capital, is plain usury (riba), explicitly forbidden by the Quran, Sunnah, and scholarly consensus. Ibn al-Mundhir mentioned the consensus of scholars on invalidating qirad (Mudarabah - profit-sharing partnership) if either or both parties stipulate for themselves a fixed number of dirhams."
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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