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Are the monthly bank interests permissible?

Answered as per Hanafi Fiqh by Askimam.org

I have a problem pertaining to interest, I think it is a different case compared to most. Allow me to elaborate,

I am living in the UK now and I have an account with “Lloyds Bank” it is a current account which I think gives monthly interest on the balance within the account monthly which I don`t want. Money is paid into my account by the way. Is it acceptable for me to go to the bank regularly and withdraw all the money in a bid to avoid the interest being calculated and added onto the account – baring in mind there is a possibility interest will be given and if so is it acceptable and sinless if I take the interest after being informed of it and dispositing to a charity without the intention of being rewarded and continuing? I mean, is it acceptable to continue doing this method or is it compulsory to find an alternative? If so, can you give me some ideas. Thank You and I don’t like being in this situation, there`s parental pressure any advice?

I hope my words were understood and my situation clear; thank you for this nice service brothers.

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

1) Dealing with conventional banks is based on need and necessity. Whilst making use of the bank facility, if you accrued interest in your account, you should dispose of that amount in charity as soon as possible.[1] It is not necessary to physically draw out such amounts to give in charity. You should obtain an online banking facility and do an EFT (electronic fund transfer) of that amount to some charitable organisation.[2]

You may also consider having an interest free banking account such as a “checking’s” account since checking accounts are usually free from interest. Monthly interests are usually given only in “saving” accounts.

2) What do you mean by parental pressure and why is there such parental pressure?

And Allah Ta’āla Knows Best

AbdulMannan Nizami

Student Darul Iftaa
Chicago, IL, USA

Checked and Approved by,
Mufti Ebrahim Desai.

www.daruliftaa.net


[1]  Cotemporary Fatawa, Idara e Islamiat, 280-1

[2]  فَيَجِبُ رَدُّ عَيْنِ الرِّبَا لَوْ قَائِمًا لَا رَدُّ ضَمَانِهِ لِأَنَّهُ يُمْلَكُ بِالْقَبْضِ قُنْيَةٌ وَبَحْرٌ [رد المحتار، كتاب البيوع، باب الربا، مطلب في الإبراء عن الربا، ج٥، ص١٦٩، سعيد]

وَالْحَاصِلُ أَنَّهُ إنْ عَلِمَ أَرْبَابَ الْأَمْوَالِ وَجَبَ رَدُّهُ عَلَيْهِمْ، وَإِلَّا فَإِنْ عَلِمَ عَيْنَ الْحَرَامِ لَا يَحِلُّ لَهُ وَيَتَصَدَّقُ بِهِ بِنِيَّةِ صَاحِبِهِ، وَإِنْ كَانَ مَالًا مُخْتَلِطًا مُجْتَمِعًا مِنْ الْحَرَامِ وَلَا يَعْلَمُ أَرْبَابَهُ وَلَا شَيْئًا مِنْهُ بِعَيْنِهِ حَلَّ لَهُ حُكْمًا، وَالْأَحْسَنُ دِيَانَةً التَّنَزُّهُ عَنْهُ [رد المحتار، كتاب البيوع، باب البيع الفاسد، ج٥، ص٩٩، سعيد]

لَوْ مَاتَ الرَّجُلُ وَكَسْبُهُ مِنْ بَيْعِ الْبَاذَقِ أَوْ الظُّلْمِ أَوْ أَخْذِ الرِّشْوَةِ يَتَوَرَّعُ الْوَرَثَةُ، وَلَا يَأْخُذُونَ مِنْهُ شَيْئًا وَهُوَ أَوْلَى بِهِمْ وَيَرُدُّونَهَا عَلَى أَرْبَابِهَا إنْ عَرَفُوهُمْ، وَإِلَّا تَصَدَّقُوا بِهَا لِأَنَّ سَبِيلَ الْكَسْبِ الْخَبِيثِ التَّصَدُّقُ إذَا تَعَذَّرَ الرَّدُّ عَلَى صَاحِبِهِ [رد المحتار، كتاب البيوع، فصل في البيع، ج٦، ص٣٨٥، سعيد]

والسبيل في المعاصي ردها, و ذلك ههنا برد الماخوذ ان تمكن برده بان عرف صاحبه, و بالتصدق به ان لم يعرفه, ليصل اليه نفع ماله ان كان لا يصل اليه عين ماله. [الفتاوى العالمكيرية، كتاب الكراهية،  الباب الخامس عشر في الكسب، ج٥، ص٣٤٩، رشيديه]

[فتاوى رحيمية ج9 ص256 – دار الاشاعت]

[فتاوى محمودية ج16 ص 384- جامعه فاروقيه]

[عصر حاضر کے پیچیدہ مسائل اور انکا حل ج2 ص165- الطاف ايند سنز] 

[احسن الفتاوي، باب الربا والقمار، ج٧، ص١٦، سعيد]

This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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