Fatwa: # 17573
Category: Financial Transactions
Country: Netherlands
Date: 24th February 2009

Title

Can I receive interest deliberately from saving account and give it to needy people without hoping for a reward? I just don't feel good if bank makes profit from my money if I have a chequing(non-interest) account.

Question

Can I receive interest deliberately from saving account and give it to needy people without hoping for a reward? I just don't feel good if bank makes profit from my money if I have a chequing(non-interest) account.

Answer

In the name of Allah, Most Gracious, Most Merciful


Assalaamu `alaykum waRahmatullahi Wabarakatuh

 

In principle the facilities of conventional banking can be used due to need and necessity. Therefore, if you are putting your money into a savings account, the interest money must be given to the poor and needy with no intention of receiving reward. 

(Ahsan ul-Fatawa, 7/16, Saeed)
(Mahmoodiya, 16/381, Farooqiyah)

(Contemporary Fatawaa, 242, Islamiat)

 

And Allah knows best

Wassalam u Alaikum

Ml. Sajid bin Shabbir,
Student Darul Iftaa

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa

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