Interest giving away and tax refund : interest accrued from bank deposits and Zakah calculation

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, I have a question regarding interest accrued from bank deposits. I have read in previous Fatwas which mention that such interest should be given away. In my country, I can give away this money to a charity (could be a Muslim charity too) and avail of certain benefits in income tax. 1 > Can I avail of such benefits by giving away the interest money ? 2 > Also if I give Zakaat, Sadaqah etc. to an Islamic charity and avail of similar income tax benefits, will that be allowed 3 > while calculating Zakat, should the interest money accrued on bank deposits be also included in the total sum ? May Allah reward you for your patience Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2007-07-22

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-785830

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