Are the fixed rate bank investment certificates halal or haram.. bearing in mind we are out of the country and don’t know where to put our money?.. A question was received from the Egyptian house of Ifta, during a live conducted by the house on his official page on the social network “Facebook”, and answered the question during the live broadcast, Dr. Mohamed Abdel Samie, secretary of Fatwa at the Egyptian Dar Al Iftaa.
In his response to the question, Abd al-Samie confirmed that depositing money in bank certificates is a type of investment and financing, saying: “I invest my money and finance the bank’s activities and projects so that it works on its projects and give me a measure of the profitability of these projects. Whether you’re in or out of the country, or have somewhere to put your money, or whatever, bank certificates are allowed and their returns are allowed, God willing.
Opinion on investment certificates
And the Egyptian Dar Al-Iftaa previously answered a question on its website which reads: “What is the sentence? Investment certificates?”, saying: “What is the fatwa: the deposit in the bank, savings accounts, investment certificates and the like is considered part of the new loan agreements, not loans that derive the prohibited benefit, and has nothing to do with usury, and that its profits are not prohibited; It is lawful to take and use it legally.”
Are investment certificates prohibited?
In detailing the fatwa, Dar al-Iftaa said: “The benefits of banks, savings accounts and investment certificates are among several issues in their representation and adaptation among contemporary scholars, and on which the fatwa settled is that deposits in banks, savings books, investment certificates and the like fall into the category of modern loan agreements, not loans bearing prohibited interest. It has nothing to do with usury, which must be investigated and on which take action: the permissibility of creating new contracts if they are free from deception and damage, and this is what the Egyptian Banking Law No. 88 of 2003 AD and its executive regulations issued in 2004 AD
And the Egyptian Dar Al Iftaa concluded: “And the ruler’s ruling raises the dispute, so profits are not prohibited, because they are not interest on loans, but rather finance profits from contracts that realize the interests of their parties.
Investment certificates from Banque Mir and the National Bank
This was announced by the National Bank of Egypt andsucks bankR regarding the issue of a new annual savings voucher with a yield of up to 25% to be spent at the end of the certificate period, or with a yield of 22.5% to be spent monthly, starting from 04/01/2023, and the new savings bond is issued in denominations of 1,000 pounds and its multiples, and the bank is targeted by this new certificate Individuals, adults and minors (Egyptians and foreigners).
Interest is also calculated from the day following the purchase of the certificate directly, and it is possible to borrow with its guarantee during the period. It is not allowed to recover the value of the certificate before the expiration of 6 months from the following day of operation to that of purchase The certificate is also recovered at the end of its term at its full nominal value and can be recovered before that date according to the recovery values prescribed by the bank, bearing in mind that all certificates are available at all branches of the Bank National of Egypt, as well as via internet banking and the banking mobile application, as well as via the call center of the bank 19623.
