Darul Iftaa Mahmudiyyah

Like me many other persons would like to know what to do with the Interest money. Whether it can be given to needy person or not....

· 27 Safar 1430 AH1 min readFatwa 17557English

Question

Like me many other persons would like to know what to do with the Interest money. Whether it can be given to needy person or not.

I live in and all my earning are saved in local bank, as keeping the money at home is not considered safe, and in this process some interest is generated on the saved amount. My question is can I give that interest money to any one who is in bad need or to any one who is marrying off his daughter and need money or to any poor persons. Off course without the intentions of SAWAB. Please advise me at the earliest. Thanks

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh

It is not permissible to earn interest money. If interest is earned through a sale, loan, or a similar transaction, then the transaction is not valid and it is necessary to return the interest money to the one who paid it. If this is not possible, then it must be given to the poor and the needy without the intention of thawāb (Fatāwā Rahīmiyyah 9/270; Ishā'at).

Hence, if one is capable of safeguarding his money where it does not accumulate interest, such as an interest-free bank account, then it would not be permissible for him to deposit his money in an interest-bearing account. However, if no such alternatives are feasible, then it would be permissible to deposit money in an interest-bearing account due to the necessity of safeguarding one's wealth (Fatāwā Mahmūdiyyah 16/12; Fārūqiyyah).

And Allah Ta'ala Knows Best

Wassalamu Alaykum

Ml. Abrar Mirza

Student Darul Iftaa

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa

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References (Arabic / Urdu sources)

فالعقد فاسد للربا ووجب نقضه لحق الشرع

(شرح المجلة 2/443، أحكام الربا؛ رشيدية)

الواجب حقا للشرع رد عين الربا لو قائما لا رد ضمانه

(البحر الرائق 6/125، باب الربا؛ رشيدية)

وإنما الذي يجب حقا للشرع رد عين الربا إن كان قائما لا رد ضمانه

(رد المحتار 5/169، باب الربا، مطلب في الإبراء عن الربا؛ سعيد)

Answered by
Ml. Abrar Mirza
Checked & approved by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/17557
Fatawa SA: https://fatawa.co.za/fatwa/askimam-17557

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