Khaberni - What is the ruling on dealing with banks? .. A common question received by the Egyptian Dar al-Ifta in an attempt to clarify the Sharia opinion on borrowing or depositing and enjoying its profits.
In its response, the Sharia Fatwa Committee at Dar al-Ifta definitively decided on the Sharia opinion on this matter, stating: "It is permissible under Sharia to deal with banks, to take interests from them, and to spend it in all permissible ways of expenditure without any hesitation."
The committee clarified in its fatwa statement "that what has been established in practice and fatwa in Egypt is that bank operations are of the nature of financing and investment, and if this is the case, then the interests are not haram; because they are not interest on loans, but rather they are profits resulting from contracts that realize the interests of their parties, and they have no relation to usury, which all jurists have agreed is prohibited".
