What is the ruling on placing money in Islamic banks?

Question:
Placing money in Islamic banks, even though they distribute annual profits, is it lawful or forbidden?

Answer:
If they operate according to the Shari'ah, there is nothing wrong with it. If they are truly Islamic banks that do not deal in riba (usury or interest) and do not give it, and if they calculate the profits every year and distribute them, there is nothing wrong with it. However, the buying and selling must be done through the common method, through lawful sale, through Islamic sale. The profits must be based on the common method, from the sale of goods, from half the profit, from a portion of the profit, from a quarter of the profit, as is the known matter regarding riba profits, where one sells ten for twenty or ten for thirty, or this is the riba that riba banks do. No, but they sell goods and the profit is shared between them and the owner of the money by half, by a third, by a quarter. These are the lawful profits. The Islamic bank sells goods and then divides the profit between itself and the owners of the money according to the condition agreed upon between them, by a quarter, by a third, by a fifth, by half. Yes.