Fatwa: # 17557
Category: Financial Transactions
Country: India
Date: 22nd February 2009

Title

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....

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).

 

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)

And Allah Ta'ala Knows Best

Wassalamu Alaykum

Ml.  Abrar Mirza

Student Darul Iftaa

 

Checked and Approved by:

 

Mufti Ebrahim Desai
Darul Iftaa

Important Posts and Links

 

Shar'ii stance on Shares and Stocks|Have you prepared your WILL??|Moonsighting - Its that time to sight the moon

DISCLAIMER - AskImam.org questions
AskImam.org answers issues pertaining to Shar'ah. Thereafter, these questions and answers are placed for public view on www.askimam.org for educational purposes. However, many of these answers are unique to a particular scenario and cannot be taken as a basis to establish a ruling in another situation or another environment. Askimam.org bears no responsibility with regards to these questions being used out of their intended context.
  • The Shar's ruling herein given is based specifically on the question posed and should be read in conjunction with the question.
  • AskImam.org bears no responsibility to any party who may or may not act on this answer and is being hereby exempted from loss or damage howsoever caused.
  • This answer may not be used as evidence in any Court of Law without prior written consent of AskImam.org.
  • Any or all links provided in our emails, answers and articles are restricted to the specific material being cited. Such referencing should not be taken as an endorsement of other contents of that website.
The Messenger of Allah said, "When Allah wishes good for someone, He bestows upon him the understanding of Deen."
[Al-Bukhari and Muslim]