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The question

Is it obligatory to withdraw money deposited in an interest-based riba bank that offers monthly interest and deposit it in an Islamic bank, knowing that the return in Islamic banks might be implicitly fixed?

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

It is not permissible to invest in usurious banks, but it is permissible in Islamic banks. If a bank predetermines the interest and fixes it regardless of profit or loss, then it does not operate according to Islamic , even if its name is "Islamic." This falls under usury, and any funds obtained from it must be given as charity for the general welfare of Muslims, such as roads and hospitals, and to the poor and needy.

Summarized from the full answer at Ftawy · imported

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
37134
Imported
Translation status
Source text, unreviewed
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