Disposing of interest money : how to get rid of interest money

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, I have recently come to discover that interest money generated from bank deposits and savings are not lawful according to the Shari'ah (it is Riba). In my case, I have been earning that illicit money for long years from a deposit account and, later on, from a savings account, now both closed, al Hamdou Lillah. I am willing to get rid of all the interest money collected during that long period of time from those accounts. At this stage, I have three main questions : 1-According to the Shari'ah, am I required to get rid of all the interest money that I earned during a period of time that go back to the 1980s ? 2-If so, how can I calculate the total amount of that money, especially if we know that the interest money earned year after year had been added to the principal and had produced itself more interest? What if I could not get the exact amount of that interest money, because of the long time gone from the very first day of opening that Riba-based account ? 3-Whatever the answer might be, to whom, or say, to what kind of people should I give that interest money ? Could I give it to beggars, disabled men and women ? Simple persons in need ? Is it necessary that those people be Muslims ? I am waiting impatiently for your guidance and ask you please that your answers be as clear and comprehensive as possible so as to help me to purify my earnings for good. Thank you and may Allah reward you all. Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2006-10-18

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-790211

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