Is it permissible to open a savings account in a bank that describes itself as Islamic and benefit from its profits through Mudarabah, knowing that it only deals with institutions?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
The ruling on opening a savings account at the Saudi Finance Bank depends on the extent of the bank's adherence to regulations in its dealings. If it is a usurious bank, then saving in it is forbidden, and the profits generated from it are illicit wealth that must be disposed of by spending it on general Muslim welfare, with the obligation to withdraw the deposit and repent. However, if it is a truly Islamic bank, then there is no objection to saving in it and benefiting from its profits.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/73617
Where this answer came from
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- Ftawy
- Original fatwa ID
- 73617
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy