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The question

Is saving money in Islamic banks permissible, given that there are fatwas stating that they do not differ from interest-based banks and that their profits are unlawful? What is the way for two parents who have reached retirement age and are not skilled in trade to earn a lawful living in Egypt, taking into account a previous fatwa permitting dealings with Abu Dhabi Islamic Bank? What should be done with the money and household appliances purchased based on a previous fatwa from the Egyptian Dar al-Ifta permitting the utilization of bank interest?

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

The criterion for labeling banks as "Islamic" lies in their transactions, not merely in their name. Some so-called Islamic banks may fall into non-compliance. One should ask trustworthy scholars and experts in their country about specific banks or transactions they intend to engage in, or seek a bank that has a Sharia board composed of reliable scholars. As for someone who dealt with bank interest based on a scholar's , there is no blame on him for what has passed, as Allah Almighty says: "So whoever receives an admonition from his Lord and desists, he may have what has already passed, and his affair is left to Allah."

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Where this answer came from
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Ftawy
Original fatwa ID
166159
Imported
Translation status
Source text, unreviewed
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