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Almost all of us have one or more Bank accounts. We either keep our money in FD (Fixed Deposit) /Savings accounts and we get interests on the capital amount .
Although the interest amount may be small or big, the question arises "what to do with the Interest money which is added by the bank into our account”?
For example I have ‘Salaried Account’ in a Savings Bank (which the employer has opened for me). If I had given the choice I would have definitely opened in ‘Current Account’ (non-interest paying account). But now what should I do ?
I am sure there will be many people ,just like me in various countries and not necessary that they may be aware of the ruling.
Allah Says in Quran,
"O you who believe! Eat not Riba (usury/interest) doubled and multiplied, but fear Allâh that you may be successful." (Aal-e-Imran,3:130)
In that case, What I do ???
After April 1st ( Yearly Closing of bank ), I just check how much money I have received as interest in my account in the entire year.
That interest money I withdraw from the bank and keep it in a different place. Because it should not be mix with my Halal household money nor should be used for daily expenditure nor for our personal necessities .
I make sure that I spend this money only on poor (either by giving in charity in one go or in phases) with intention of seeking reward from Allah swt, because it is not counted as charity (Sadqat) /Alms (Zakat) etc.
Charity/Zakat only implies from our OWN money/Halal earnings. whereas the interest money ,that banks gives us on our deposit/savings, is in fact NOT ours.
So it is haraam to have and consume it.
Remember, interest money is Haraam . So CANNOT be given to mosque or for other Islamic purpose.
Taking of Interest is forbidden by Allah Sub'hanautala
A.Those who devour interest shall not stand on the Day of judgement, but like the standing of one whom the evil spirit has by touching made mad. This is because they said 'The trade too is like interest,' and Allah made trade lawful and made interest unlawful. So he, who received admonition from his Lord and refrained, then whatever he took before is lawful to him, and his affair is with Allah. And now whoever shall commit such. Fault, they are men of hell, they will live therein for longer period. [The Noble Qur’aan, Soorah Al-Baqarah - 2:275]
B. It is a declaration of war with Allaah. [The Noble Qur’aan, Soorah Al-Baqarah 2:279]
C.It is a punishment in the grave. You will have you grave turned into a pool of blood and angels will be throwing rocks into you face and that will make you drown. [Saheeh Bukhaari, Volume 2, Book 23, # 468]
D. It is one of the destructive sins. [Saheeh Bukhaari, Volume 8, Book 82, # 840]
E. The Prophet (peace be upon him) forbade paying/receing it. [Saheeh Bukhaari, Volume 3, Book 34, # 299]
F. The Prophet (peace be upon him) said, “Interest has 70 levels, and the least serious of which is equivalent to a man performing incest (intercourse) with his own mother.” [Saheeh al – Jaami’ as – Sagheer, Volume 1, #3541]
G. The payer and receiver are cursed. [Saheeh Muslim, Volume 3, #3881]
"And if you do not do it, then take a notice of war from Allâh 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)." (Al-Baqara-2:279)
So, We should remove the interest money from our halal income.
(remember that it does not become a property of the Muslim, so it is not his/her)
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