The Egyptian Iftaa resolves the controversy of interest certificates in banks
The announcement by Egyptian banks to issue an investment certificate at an interest rate of 18% under the slogan “Talaat Harb is back again” caused many questions about the Sharia ruling on investment banking certificates, and what Shariah’s position on their benefits.
And the Egyptian media published a fatwa of the Fatwa Secretary of the Egyptian Dar Al Iftaa, Owaida Othman, in which he confirmed that bank investment certificates, and banking transactions in general, are all new, and did not exist in the era of the Messenger of God, may God bless him and grant him peace, pointing out that they are not forbidden, and there is no usury. .
During another video clip, which was published on the official channel of the Egyptian Dar Al Iftaa on the YouTube video site, a year ago, the Secretary of the Fatwa confirmed that there is no prohibition in taking the benefits of bank investment certificates, or dealing with them.
Regarding the ruling on bank investment certificates, the General Secretariat of the Egyptian Dar Al Iftaa had confirmed in a previous fatwa that depositing in banks, savings books, investment certificates and the like is considered a matter of newly created financing contracts, not loans that draw forbidden interest.
And the Dar Al-Iftaa stressed, during its fatwa on the ruling on bank investment certificates, that previous banking transactions, among which are bank investment certificates, have nothing to do with usury, and that their profits are not forbidden, explaining that it is permissible to take them and benefit from them according to Sharia, pointing out that this is what the fatwa in the house is. .
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