Giving earned interest to charities and others : interest earned on Riba accounts

Fatawa Question

Dear Dr Monzer, Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh, I am e-mailing you at this point in time because while flipping through your Fatwas on “Riba and interest” from 2663 I came across the following remark of yours : “interest must not be returned to banks and must be given away to the poor and needy and similar purposes.” Do you intend to say that it is preferable to accept interest from banks in order to then donate it, as opposed to telling banks in advance not to credit any interest on my account ? I would be most grateful if you could shortly elaborate on this, for I have been asked this very same question a few days ago and was unable to respond. Jazakumu Allahu Khayra Al-Jaza’ for your efforts. I highly appreciate your time and help, and am most grateful for the opportunity to benefit from your knowledge and guidance ! Thanking you in advance for your help and consideration, I remain. Wassalam Alaykum Wa Rahmatu Allahi Wa Barakatuh,

Fatwa

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Publication Date

2008-03-22

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Wages
• Bank deposits
• Bank loans
• Usury
• Charity
• Bank accounts

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-729875

• APA
• MLA
• AMA