Darul Iftaa Mahmudiyyah

Can I receive interest deliberately from saving account and give it to needy people without hoping for a reward? I just don't feel good if bank makes profit from my money if I have a chequing(non-interest) account.

· 29 Safar 1430 AH1 min readFatwa 17573English

Question

Can I receive interest deliberately from saving account and give it to needy people without hoping for a reward? I just don't feel good if bank makes profit from my money if I have a chequing(non-interest) account.

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh

In principle the facilities of conventional banking can be used due to need and necessity. Therefore, if you are putting your money into a savings account, the interest money must be given to the poor and needy with no intention of receiving reward.

(Ahsan ul-Fatawa, 7/16, Saeed)
(Mahmoodiya, 16/381, Farooqiyah)

(Contemporary Fatawaa, 242, Islamiat)

And Allah knows best

Wassalam u Alaikum

Ml. Sajid bin Shabbir,
Student Darul Iftaa

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa

Answered by
Ml. Sajid bin Shabbir
Checked & approved by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/17573
Fatawa SA: https://fatawa.co.za/fatwa/askimam-17573

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