2 Hrs
Source:
اليوم السابع
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Fatwa on Banking Interest Eligibility
The Egyptian Dar Al-Ifta has clarified that it is permissible to deal with banks and to accept their interest, provided that this interest arises from legitimate financing contracts. It explained that such interest is not forbidden because it is not loan interest but rather financing profits that serve the interests of the parties involved. These differ from the prohibited usury (riba) in Islamic law, the prohibition of which is explicitly stated in religious texts. Therefore, benefiting from bank interest through permitted financing contracts is lawful, and it is allowed to spend from such income in all permissible expenses. It is also distinguished from the forbidden riba, which is unanimously considered haram in Islam.
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