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Profit Given by Saudi Banks on Savings Accounts

Banking,Islamic Banking,Profit Given by Saudi Banks on Savings Accounts

Fatwa No :
85918
| Date :
2025-09-06
جدید فقہی مسائل / بینکاری / اسلامی بینکاری

Profit Given by Saudi Banks on Savings Accounts

In Saudi Arabia, the monthly profit given on a savings account by Al-Rajhi Bank — is it Halal or Haram?

الجوابُ حامِدا ًو مُصلیِّا ً

According to the details mentioned on the website of Al-Rajhi Bank, although it claims to provide services in accordance with Shariah principles, we do not have complete knowledge of the bank’s actual operational procedures. Therefore, a definitive ruling regarding its transactions cannot be issued. However, if the bank truly conducts all its financial dealings under the supervision of a properly qualified Shariah Board consisting of recognized scholars (Muftis), then it would be permissible to open a savings account in such a bank and to receive the monthly profit earned on it — otherwise, it would not be permissible.

And Allah knows best
محمد عمر فاروق شیر عُفی عنه
دار الافتاء جامعه بنوریه عالمیه

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