Classifying the deposit of funds in Islamic banks

Question:
Honorable Shaykh, what is the correct fiqh (Islamic jurisprudence) regarding depositing money in Islamic banks? Is it considered a safekeeping (wadi'ah) in the fiqh sense, or is it considered a loan, as some scholars say?

Answer:
In some banks, it is a safekeeping for the purpose of preservation. This is the ruling of a safekeeping, because as long as it is deposited for the sake of preserving it without any profit, it is a safekeeping. It is a safekeeping, whether in banks or elsewhere, and it is not a loan. It is a safekeeping, yes. It is like when you entrust a sum of money to a person to keep it safe for you; that is a safekeeping, and it is not wrong. However, if the bank disposes of it, it is not permissible for the bank to dispose of it while it is a safekeeping. It is not permissible for the bank to dispose of it while it is a safekeeping; rather, it must preserve it. Disposing of the circumstances of all people's money in this way is not permissible.