The Ruling on Assistance from the Bank in Exchange for Deposits

Question: One of the banks offered the administrators of the student fund to keep the fund's money in exchange for what the bank calls "assistance." This is a sum of money given without any consideration other than keeping the amount, and the bank, in turn, utilizes and invests it. Is it permissible to deposit the amount in that bank?

Answer: This transaction is not permissible because it is the very essence of riba (usury or interest). Its reality is that the bank deals with the fund's money with a known interest rate that it pays to the fund. The bank only called it "assistance" to deceive and mislead, and to cover up the riba. Riba is riba, whatever people call it. And Allah is the One to be sought for help.