The ruling on bank certificates that yield profits on deposited funds

The questioner : The questioner says: Honorable Shaykh, we are asking about the Islamic legal certificate issued by the Islamic Transactions Branch of the National Development Bank in Egypt, which is a riba (usury or interest) bank. According to the terms stated on the back of the certificate, the bank is responsible for your funds by dealing with them in accordance with the Islamic Shari'ah. They give us unspecified profits as follows: they give us a certain percentage every three months, then in the last three months, and then in the last three months after the bank's final accounting, they give us the remaining profits. However, some people say that there is no such thing as Islamic banks and they doubt them. If it is forbidden, what should I do with the money I earned over a period of seven years? Knowing that I applied to purchase these certificates after they convinced me that there was no sin in them.

The Shaykh : In the name of Allah, the Most Gracious, the Most Merciful. I have heard that there are branches in some banks that deal with legal transactions, taking money from people and trading in it through mudarabah (a profit-sharing partnership) and other means. Then they distribute the profit according to its amount, or perhaps they incur a loss. This comes down to one thing: trust in the bank's actions. If you trust them and that they deal with what you give them in legal transactions, there is no harm. But the mere fact that they give you something unspecified does not indicate that they are dealing in permissible transactions. They might give you ten percent this month, twenty percent the next month, and twenty percent the third month, and in the fourth month, even though they did not deal with it except through buying and selling. So the matter comes down to what?
To your trust in the people of the bank. If they say, "We actually deal with it by buying goods, buying land, and entering into project implementation, sometimes losing and sometimes gaining," and if you trust them and that they are truthful, there is no blame on you. Because it is unjust to deal with one who engages in riba (usury or interest) in a sound manner. The Prophet (peace and blessings be upon him) dealt with the Jews, and they took riba. Did you not know that the Prophet (peace and blessings be upon him) bought food for his family from a Jew in Madinah? And the Prophet (peace and blessings be upon him) had nothing with him. So he gave the Jew his armor, which he wore in battle, as a pledge with the Jew. The Messenger (peace and blessings be upon him) died while the armor was still pledged with the Jew. He dealt with it, but as long as the bank's transaction is sound, there is no harm. Do you not go to the bank and exchange a hundred-unit note for ten-unit notes? Yes, there is no harm. Or a ten-unit note for a five-hundred-unit note, there is no harm in it, as long as there is no increase. Do you not sell things to the bank, for example, a machine, a copier, or other items, on the condition that it is predominant in your mind that he does not use it in what is forbidden? But if he uses it in what is forbidden, no. In any case, I say that the matter the questioner referred to comes down to what? To trust in the bank. If you are confident that he deals in a legal transaction, and he may not profit, there is no harm.