What :to do with earned interest ? interest earned and interest due

Fatawa Question

I have a bank account where they pay me bank interest. Al-Hamdulilah, I manage to get rid of this interest once a while when it accumulates. However, sometimes my account goes on the red and they charge me interest. Because the bank does its accounting quarterly, they show in my account the net difference between the interest given to me and taken from me which is always a positive value, I. e. interest given to me. What shall do, shall I get rid of the net interest or get rid of the interest that is paid to me and let the interest taken from me being taken from my original money ?

Fatwa

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Publication Date

2002-03-04

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Interest
• Usury
• Bank accounts

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-726181

• APA
• MLA
• AMA