This is not a very common topic that is dissuced in islamic forums. Eventhough that economy is a part of our life and like most of you who keep their moneys on bank know how bank uses your money. While bank does mix interest to your account, what should we do about it? How can you protect our wealth from interest. so i felt that it should be disccused. Looking forward for posts
I have accounts here in the UK and non of them pay me any interest because I've requested that.
What I did do with the interest money was donated it to Ummah Welfare Trust (knowing that there will be no reward for it and they know it is interest so they deal with it in their own way)
If you are talking very large amounts of money then that could be invested in land, gold, business and so on. As far as using a bank for normal use and storage of spare money is concerned than somebody could post or explain the appropriate fatwas. For example asking your bank for their non-interest options. Although this does not validate the banking system nor makes it halal. If there are no such banks then the interest given to you must be donated without expectation of reward.
“O you who believe! Be afraid of Allah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)”
I have been confused on the issue of Masjids collecting interest money for distribution. Many people believe this money can be collected and donated for the use of toilets in a public place, but I have always been under the impression that this money is filthy and should be destroyed or buried. Is it permissible to collect interest money in the Masjid?
ANSWER
In the name of Allah, Most Compassionate, Most Merciful,
Interest transactions are totally unlawful (haram), thus whosoever deals with interest money in any way or form will be sinful. There are grave warnings promised in the Qur’an and Sunnah for the one who deals with interest.
Giving and taking interest are both decisively impermissible in Islam. Similarly, it is impermissible to consume unlawfully-earned money.
The ruling in the Hanafi School with regards to Haram and wrongly-acquired money is that the money must be returned to its owner(s). If it is not possible to return it to its owners, such as bank Interest, then one must give it away to the poor with the intention of removing the burden of this unlawful filthy money. (See: Radd al-Muhtar, al-Fatawa al-Hindiyya and Ahsan al-Fatawa)
Therefore, if the collection of interest money in the Masjid is distributed on poor people, then this is permissible, otherwise impermissible.
It should also be remembered here that, this ruling is in the situation when one already has interest money in their ownership. To actually open up an interest bearing account for the purpose of distributing interest money on poor people, will be unlawful.
And Allah Knows Best
[Mufti] Muhammad ibn Adam
Darul Iftaa
Leicester , UK
This cannot be undone and I am sure it will be greatly appreciated.
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