Is it permissible to invest in banks that have not specified a profit?

Question:
Our local newspapers have recently announced the opening of a Saudi bank called the Commercial Limited Bank. There are shares offered to citizens for investment, with a value of one hundred riyals per share. The profit has not been clarified. We hope you will inform us whether it is permissible to invest in this bank or not. Thank you.

Answer:
As for the other banks, they are all riba (usury or interest) banks, and one should never invest in them. Rather, these banks must be boycotted and not encouraged, because they fall under the category of cooperating in sin and aggression. I have directed the state, may Allah guide it, to eliminate this riba and address its major sources by establishing Islamic institutions and Islamic banks that would make them unnecessary if they do not adhere to the truth. If they do not commit to abandoning riba, and if they are compelled to do so, they will either straighten out and abandon riba or close their banks. Therefore, this matter must be studied, and Islamic institutions must be established to perform the functions of these banks until people no longer need them, or until they submit to the truth and abandon the known riba they are currently engaged in. The state has promised to do this and will establish an institution or institutions to fulfill this duty and eliminate the need for this riba, so that the people of the banks return to the right path or close them, allowing Muslims to be relieved of their evil. We ask Allah to grant them success and to grant him success in accomplishing this matter, and to accomplish it at a time that benefits people, or rather, as quickly as possible, so that Muslims are relieved of these riba banks and can boycott them and do without them. Yes. Yes.