The ruling on the Profits of the Banks

Question :

Is the profit that the banks specify for the capital sums of money lawful or forbidden? Should we take these profits or refuse them?

Answer:

This profit is exactly Riba, because it is paying money and taking more than it of its same type, as the banks do not define an amount for the profit of this wealth itself. Rather, they mix it with other money. So, the profit gained may be a lot and there may also be losses. Therefore, it is Riba and deception. However, some of the scholars have allowed taking it and spending it in the way of righteousness, such as on the poor and the beneficial projects so that it does not remain for someone who will use it in disobedience.

Source:
Ash-Shaykh Ibn Jibreen
Fatawa Islamiyah, Vol. 3 Pages 397-398

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