Benefiting from bank interest

Egypt's Dar Al-Ifta

Benefiting from bank interest

Question

What is the ruling on bank interest generated by funds deposited in banks? The bank manager claims that these funds are used by the bank in speculation and investment.

Answer

As long as the inquirer deals with this or other banks with the intention of authorizing them to invest his money through lawful means, and he is completely satisfied with the proceeds he receives, we see no objection to this and the proceeds are lawful by the will of Allah.

And Allah Almighty knows best.

 

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