In Saudi Arabia, the monthly profit given on a savings account by Al-Rajhi Bank — is it Halal or Haram?
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.
Permissibility and impermissibility of profits gained through Islamic banks
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