Deposits in banks with a fixed profit
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The first and second questions of Fatwa No. ( 222 )
Q1: What is the ruling on deposits in banks with a fixed profit ?
A1: Deposits in banks with a fixed profit are not permissible; because this is a contract that includes riba (usury or interest), and Allah said:[Al-Baqarah 2:275] , and He the Exalted said: [Al-Baqarah 2:278-279] , and this amount that the depositor receives has no blessing in it. He the Exalted said: . This type of riba is riba al-nasi'ah (usury of deferment) and riba al-fadl (usury of excess in a like-for-like exchange); because the depositor gives his money to the bank on the condition that it remains for a known period with a known profit.
Q1: What is the ruling on deposits in banks with a fixed profit ?
A1: Deposits in banks with a fixed profit are not permissible; because this is a contract that includes riba (usury or interest), and Allah said:
But Allah has permitted trade and has forbidden interest
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا(278) O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. (279) And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged.
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنْتُمْ مُؤْمِنِينَ (278) فَإِنْ لَمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِنَ اللَّهِ وَرَسُولِهِ وَإِنْ تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لاَ تَظْلِمُونَ وَلاَ تُظْلَمُونَAllah destroys riba (usury or interest) and multiplies charities.
يَمْحَقُ اللَّهُ الرِّبَا وَيُرْبِي الصَّدَقَاتِ
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.