Is the Egyptian Post Office Savings Bank considered a usurious institution, or is it permissible to deposit funds in it based on a senior official's denial of its involvement in usury and his assertion that it relies on other sources of profit? Or is it preferable to deposit funds in Islamic banks, even if their "Islamic" nature is merely superficial, as long as the intention is Islamic and they are supervised by Al-Azhar?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
It is not permissible to deposit money in savings offices that grant a known, guaranteed interest on the capital, as this is usury (riba). However, there is no objection to depositing money in Islamic banks that adhere to -compliant regulations. The presence of a Sharia board composed of trustworthy scholars often indicates the bank's commitment to these regulations.
Summarized from the full answer at Ftawy · imported
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