Banking: Ruling on Profits Paid to Bank Depositors

Practical Laws of Islam as per the teachings of Imam Khamenei

Banking: Ruling on Profits Paid to Bank Depositors

English:

Question #1917:

A person opened a savings account with a bank. After a while, the bank gave the depositor a profit. What is the view on such a profit?

Answer #1917:

If the money is deposited in the savings account as a loan while the transaction is based on interest, or it is stipulated to get interest; it is not permissible to receive such a profit, because it is ribā that is ḥarām. Otherwise, there is no problem in it.

-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Banking