What to do with earned interest ? : can earned interest be used to pay due interest ?
Fatawa Question
Since I am an expatriate and there are no means to do monetary transactions using Islamic Banks, I am forced to maintain an account in a non-Islamic Bank. Can I use the interest obtained from this account to pay back the interest incurred (even by others) on loans from such Banks ? Is this not a good way to deal with interest, as one is not using the interest gained from ones account and at the same time is not giving interest (to the Bank) from your Halal money ? can the money from interest be given to help the poor ? Jazakumu Allahu Khair.
Fatwa
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Publication Date
2001-03-02
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-726166
American Psychological Association (APA)
Qahf, Mundhir. 2001-03-02. What to do with earned interest ? : can earned interest be used to pay due interest ?. .
https://search.emarefa.net/detail/BIM-726166
Modern Language Association (MLA)
Qahf, Mundhir. What to do with earned interest ? : can earned interest be used to pay due interest ?. 2001-03-02.
https://search.emarefa.net/detail/BIM-726166
American Medical Association (AMA)
Qahf, Mundhir. 2001-03-02. What to do with earned interest ? : can earned interest be used to pay due interest ?.
https://search.emarefa.net/detail/BIM-726166
