What is the ruling on investment funds found in banks?
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Question:
May Allah reward you. Honorable Shaykh, he says: What is the ruling on investment funds found in banks?
Answer:
It is not permissible to invest in banks, because banks do not invest except through riba (usury or interest), and they are established upon riba. And their claim that they have Islamic investment is not correct. They only want to promote it to the people. If they were sincere, they would have abandoned riba entirely. How can they say to some, “Come, we will give you Islamic investment,” while to others they say, “We will give you riba-based investment”? This is not correct. This is a deception of the people. Either they repent from riba entirely and abandon riba, so that we believe them and deal with them, or they deceive us by saying, “We will make an Islamic branch for you,” while riba remains in the bank. This is only for the sake of attracting money; it is not repentance to Allah the Exalted. Yes, is this sufficient?
May Allah reward you. Honorable Shaykh, he says: What is the ruling on investment funds found in banks?
Answer:
It is not permissible to invest in banks, because banks do not invest except through riba (usury or interest), and they are established upon riba. And their claim that they have Islamic investment is not correct. They only want to promote it to the people. If they were sincere, they would have abandoned riba entirely. How can they say to some, “Come, we will give you Islamic investment,” while to others they say, “We will give you riba-based investment”? This is not correct. This is a deception of the people. Either they repent from riba entirely and abandon riba, so that we believe them and deal with them, or they deceive us by saying, “We will make an Islamic branch for you,” while riba remains in the bank. This is only for the sake of attracting money; it is not repentance to Allah the Exalted. Yes, is this sufficient?
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم صناديق الاستثمار الموجودة في البنوك؟ لمعالي الشيخ صالح الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.