What is the ruling on the non-fixed returns from banks?
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Question:
The questioner says: I have an amount of money that exceeds my needs, and I did not find any other place to keep it except the bank, so I deposited it in the bank as a deposit that gives me a return of ten percent, and sometimes gives me nine percent. Is this method correct? And are these returns lawful?
Answer:
This is an invalid method, and this is riba (usury or interest). Taking interest on a deposit in the bank is riba, explicit riba. So you must repent to Allah and abandon this. As for depositing in the bank for safekeeping only, without taking riba interest, this is permissible out of dire necessity, if you do not find a place where you can feel secure about the safety of your money except in the bank, then deposit it in the bank for safekeeping only. But if you take riba interest on it, this is forbidden; this is consuming riba.
The questioner says: I have an amount of money that exceeds my needs, and I did not find any other place to keep it except the bank, so I deposited it in the bank as a deposit that gives me a return of ten percent, and sometimes gives me nine percent. Is this method correct? And are these returns lawful?
Answer:
This is an invalid method, and this is riba (usury or interest). Taking interest on a deposit in the bank is riba, explicit riba. So you must repent to Allah and abandon this. As for depositing in the bank for safekeeping only, without taking riba interest, this is permissible out of dire necessity, if you do not find a place where you can feel secure about the safety of your money except in the bank, then deposit it in the bank for safekeeping only. But if you take riba interest on it, this is forbidden; this is consuming riba.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم العوائد الغير ثابتة من البنوك؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.