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Depositing money in an interest free account

Answered as per Hanafi Fiqh by Askimam.org

Assalamu alikum 

 Sir if in a Bank we have the facility to deposit money on interst free basis.

would it be better to keep moneyin such an account or to get the money and distribute it among the poor? as in the former case the institution becomes financially sound? would not it amont to helping such an institution to prosper.

Answer

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

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

Dear Brother,

We do not understand your reference of “former”.

Nevertheless, you should deposit the money in an interest free account as interest is strictly prohibited in the Quran and Hadith.

And Allah Ta’āla Knows Best

Tareque Ahmed

Student Darul Iftaa
New York, USA

Checked and Approved by,
Mufti Ebrahim Desai.

_____________________________

http://www.askimam.org/public/question_detail/38952

Question

Assalam Walikum, 

I understand that Interest money is Haram in Islam. However i want to know if it is permissible to deposit money in fixed deposit in bank where we gain interest with an intension to donate this monet to poor people. My intenion is only to help poor people with such interest money.

Answer

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

As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

Brother in Islaam,

Your intention is noble. However, it is important that we execute our good intentions according to the dictates of Shari’ah. Interest money is impure. It is not permissible to willingly accrue interest money or invest interest money to earn more and give it to the poor people. Interest money must be given away as soon as possible to the poor and needy without the intention of attaining reward[1].

And Allaah Ta’aala Knows Best.

Muajul I. Chowdhury

Student, Darul Iftaa

Astoria, New York, USA

Checked and Approved by,

Mufti Ebrahim Desai.

_______


[1] حاشية ابن عابدين (رد المحتار) (6/ 385)

ويردونها على أربابها إن عرفوهم ، وإِلا تصدقوا بها لِأَن سبِيل الكسب الْخبيث التصدق إذا تعذر الرد على صاحبه

 

البحر الرائق شرح كنز الدقائق (8/ 229)

وإلا يتصدقوا به؛ لأن سبيل الكسب الخبيث التصدق إذا تعذر الرد

 

تبيين الحقائق شرح كنز الدقائق (6/ 27)

وإلا تصدقوا بها؛ لأن سبيل الكسب الخبيث التصدق إذا تعذر الرد على صاحبه.

 

احسن الفتاوى (7/ 16)

فتاوى محموديه (16/ 381)

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

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