Is placing money in any bank and receiving interest permissible (halal)?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
Depositing money in usurious banks to benefit from their profits is forbidden and is the essence of usury. Whoever has done this must get rid of the interest by spending it on public interests for Muslims or giving it to the poor, while withdrawing the principal from the usurious banks and repenting. The principal amount is permissible for him, as Allah Almighty says: "And if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged."
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/55921
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 55921
- 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