Egypt’s Grand Mufti: There is no religious objection to saving and investing in banks

CAIRO, JUNE 8 (SEE) The Mufti of the Republic, Dr Shawki Allam, said on Friday that the Sharia is based on taking into consideration the ease and removing hardship and lifting the curse. This methodology and these goals and budgets are taken into account by the jurisprudential of the Egyptian Fatwa House through its history through fatwas issued in all Shari’ah rulings.

He added in the daily Ramadan dialogue in the program “with the Mufti” that there is a difference between the legal personality such as banks and the state and the individual personality in financial transactions, as the loan is forbidden based on the profit and exit contract loan on nature, The bank is not based on borrowing from “selfishness of investment”. Rather, the agency intends on depositing the money of the depositor.

The Mufti confirmed that the opinion in the Egyptian Fatwa House after extensive studies, that the deposit in the banks is a part of the contracts of financing innovated not loans that attract forbidden benefit, and has nothing to do with usury.

Shawki called on the Egyptians masses to turn to savings operations and investment in banks to support the Egyptian economy, stressing that the support of the formal economy is a religious and national duty.

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