The Ruling on Investment Certificates
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A question regarding investment certificates: We have papers fixed for twenty-six months. So when we go to the bank to cash them in, they take a small percentage (3%) or (4%), whereas this is considered a deduction from the money. I have read a fatwa from your eminence stating that this is considered riba. This is a deduction from the owner's money; the amount is my right, and there is no increase in it. Naturally, the bank has taken dirhams, but I sold a certificate valued at such-and-such at a rate of three riyals or similar. So my money is less, not more, because a sum of three riyals was deducted from it?
It is established from the Prophet (peace and blessings be upon him) that he said: (May Allah curse the one who eats riba, the one who gives it, the one who writes it, and the two who witness it) This matter—may Allah bless you—if the bank deducts dirhams, it is haram and riba, and there is no doubt in that, nor is there any disagreement on this. And if it gives you cars or lands or something other than dirhams, then if you need it, there is no harm.For example, you have creditors who say: Give us our right, so there is no harm; take the cars at the price you and he agree upon, then sell them to others. And if you do not need it, do not take it; let the certificate remain until its time comes, if Allah wills.
It is established from the Prophet (peace and blessings be upon him) that he said: (May Allah curse the one who eats riba, the one who gives it, the one who writes it, and the two who witness it) This matter—may Allah bless you—if the bank deducts dirhams, it is haram and riba, and there is no doubt in that, nor is there any disagreement on this. And if it gives you cars or lands or something other than dirhams, then if you need it, there is no harm.For example, you have creditors who say: Give us our right, so there is no harm; take the cars at the price you and he agree upon, then sell them to others. And if you do not need it, do not take it; let the certificate remain until its time comes, if Allah wills.