The Ruling on Dealing with Islamic Banks

Question:
The last question, my brothers. Your Eminence the Shaykh (may Allah preserve him), in some Arab countries, some banks claim that they invest their funds in an Islamic manner, and this is how they appear to the people. However, some people who have no connection to the bank say that it is like any other riba (usury or interest) bank, and that it is merely an Islamic front. Should I accept the bank's outward claim, even though there is a responsible scholar from among the scholars overseeing this bank, or should I accept the words of those who claim otherwise and investigate the matter? May Allah reward you with good.

Answer:
If you want to save yourself and be safe, you must manage your own funds yourself, or appoint a trustworthy agent to manage them, buying and selling, or purchasing real estate and renting it out, or farms, or the like. As for banks, as you know, banks today are based on riba (usury or interest) and are riba institutions. As for the banks they call Islamic banks, Allah knows their true nature; I know nothing about them. But whoever wants to save himself and be safe should manage his own money himself.
Or with a trustworthy agent who acts in his place and spends it in permissible matters, in real estate, in farms, in livestock, and other such matters.
This is the path to safety. As for banks, whether they are called Islamic or not, the non-Islamic ones are undoubtedly not permissible to deal with. As for the Islamic ones, we suspend judgment on them until their true nature becomes clear, and Allah knows best.