Asslamo Allaikum Wa Rahmatullahi Wa Barakatuh,
I had a conversation with a young Brother about Bank Accounts recently and this data is being produced with his consent.
It is the strategy of Shaytaan to present Haram matters in the most alluring manner possible. Young Brothers starting their lives with a young family are always on the lookout for saving money and there is no blame on that.
My dear Brother has a wife and a young daughter and he decided to investigate the matter of Interest in the Madhab of Imam Abu Haneefa (RA). He came across opinions of Interest payments being permissible in Darul-Harb so an idea popped in his head. Why not have his pay check for him (every month) and earn him some (extra money). He decided to look into Interest paying Accounts and wanted to speak to me about the best option possible.
The discussion wasn’t about Halal or Haram but the best “financial” options. So I didn’t discuss Halal/Haram (at first) but just cold numbers of Bank Accounts.
The best deal in UK right now is TSB Plussest Bank Account. Then I told him some numbers:
1. He will have to monthly deposit a minimum of £500 into the Account, he could manage £623.37 (easily)
2. Bank Account will pay him AER of 5%
His brain went into overdrive mode straight away until I broke the deal down to him. Many of our young Brothers and Sisters are clueless as to AER actually works, so let me break it down for you in his case:
Profit:
He only earns 5% AER on Balance upto £2000. Based on these numbers, after tax deduction these are his MAXIMIM savings of £1999.99
1. Basic TAX Rate: £80/Year or £7/Month
2. Higher Tax Rates: £60/Year or £5/Month
Zakat:
The problem now arises that since he has kept this money for 12 months he has to now pay Zakaat:
1. Zakaaat Deduction for £1999.99 is £49.99
Savings:
So what is his Profit now?
1. 80-£50 = £30 for the whole year
2. £2.50/Month
3. £.82pence/Day
So what are the spiritual repercussions of earning £.82pence/Day?
Repercussion 1:
He is now in direct WAR with Allah (SWT) and everything in his life is STRIPPED of any Blessings
[2:275] Those who take riba (usury or interest) will not stand but as stands the one whom the demon has driven crazy by his touch. That is because they have said: .Sale is but like riba.‘‘, while Allah has permitted sale, and prohibited riba. So, whoever receives an advice from his Lord and desists (from indulging in riba), then what has passed is allowed for him, and his matter is up to Allah. As for the ones who revert back, those are the people of Fire. There they will remain forever.
[2:279] But if you do not (give it up), then listen to the declaration of war from Allah and His Messenger. However, If you repent, yours is your principal. Neither wrong, nor be wronged.
Repercussion 2:
Due to earnings of £.82pence/Day his whole income is now polluted and devoid of Blessings whatsoever.
Action Plan 1:
You tell me? Is £.82pence/Day worth ruining the lives of your family and your children and directly inviting the wrath of Allah (SWT)?
If not, STOP DEALING in Interest!
Action Plan 2:
I have given you the best case scenario in UK, it is likely that you aren't earning anything close to £.82pence/Day but earning a few pounds for the WHOLE YEAR.
TRACK this amount and give it away in Charity to rid your Halal Income from the Harms of this POISON