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Bank Interest, & What To Do With Haram Money

Answered as per Hanafi Fiqh by Qibla.com

Answered by Shaykh Faraz Rabbani

I used to have a savings account and I closed it as I was receiving interest on it. I want to re-open a savings account. What would be the better option?

Answer:
In the Name of Allah, Most Gracious, Most Merciful

Walaikum assalam,

The default is that it is haram for a Muslim to have any kind of dealings with interest . Because of the nature of things, the fuqaha of our age allowed putting money in accounts that accrue interest only if there is no reasonable availability of accounts that do not accrue interest.

As such, you should either find an account that does not accrue interest, or request not to receive interest . If neither is found to be possible, then should you give away the interest. According to the Hanafi fuqaha, it is best to give away the money to those eligible for charity, as explained in the article below:

And Allah alone gives success.

Wassalam,

Faraz Rabbani.

This answer was indexed from Qibla.com, which used to have a repository of Islamic Q&A answered by various scholars. The website is no longer in existence. It has now been transformed into a learning portal with paid Islamic course offering under the brand of Kiflayn.

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