Mufti Online — Madrasah Ta'leemuddeen

Using interest money acquired from one bank to offset interest charges of another bank

· 7 Shaʻban 1445 AH1 min readEnglish

Question

Can interest money acquired from one bank be used to offset interest charges on my credit card from another bank, or is it only permissible to use the interest money of one bank to offset the interest charges of the same bank?

Answer

The interest of one bank can only be used to offset the interest charges of the same bank, not another bank.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Zakaria Makada
Checked & approved by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/34647
Fatawa SA: https://fatawa.co.za/fatwa/muftionline-34647

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