Praise be to Allaah.
The ruling on the savings prizes in the bank may be known
once we know the nature of the operations of the bank itself. In the case of
riba-based banks, it is not permissible to save money in them, or to take
the savings prizes that they offer. That which is based on falsehood is
itself falsehood. The savings account in a riba-based bank is in fact a loan
with interest, and the bank is guaranteeing the money of its customer and
paying riba-based interest to the money owner according to its agreement
In the case of Islamic banks, there is nothing wrong with
taking the savings prizes that they offer, so long as these banks are
Islamic in reality and not only in name. The Islamic bank does not guarantee
the saver’s money, rather it is exposed to profit or loss, and it does not
give a fixed amount if it is profitable, rather it gives a certain share
according to the agreement between them.
For more information on the characteristics of Islamic banks,
please see the answer to question no.
See also the answer to question no.
And Allaah knows best.