Depositing money in banks as a trust, with payment of a fee to the bank for its safekeeping
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The first question of Fatwa No. ( 3745 ):
Q1: If you deposit your money in the bank, they increase it with interest when you withdraw these funds, or they take a fee from you in exchange for keeping your money. Is this increase that you take from them and this fee that you pay to them considered riba (usury or interest), or what is the ruling?
A1: Depositing money in banks or elsewhere with interest is forbidden. However, depositing it as a trust, with payment of a fee to the bank for its safekeeping, is not riba (usury or interest), and there is no harm in it. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q1: If you deposit your money in the bank, they increase it with interest when you withdraw these funds, or they take a fee from you in exchange for keeping your money. Is this increase that you take from them and this fee that you pay to them considered riba (usury or interest), or what is the ruling?
A1: Depositing money in banks or elsewhere with interest is forbidden. However, depositing it as a trust, with payment of a fee to the bank for its safekeeping, is not riba (usury or interest), and there is no harm in it. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.