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The question

Are the temporary interest rates granted by the Central Bank on deposits (17% annually) considered permissible, on the basis that they are a grant from the state due to crisis conditions, or not?

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

The interest offered by banks is usurious and forbidden, even if the bank is state-owned. An economic crisis does not change its ruling. It is not permissible to deposit money in usurious banks except out of necessity, such as for safekeeping or transfer, when no Islamic alternative is available. In such a case, deposits should be limited to current accounts. The usurious interest generated from these deposits must be disposed of by giving it to the poor and needy. The beneficiary is not permitted to utilize it unless he is poor and in need, in which case he may take from it according to his need.

Summarized from the full answer at Ftawy · imported

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
151769
Imported
Translation status
Source text, unreviewed
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