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I want to know make Fixed deposits in the bank for compound interest and without an intention to use the interest money for myself.

Answered according to Hanafi Fiqh by Askimam.org

Assalamu Alaikum, I want to know make Fixed deposits in the bank for compound interest and without an intention to use the interest money for myself. I am planned to distribute the interest to the poor people. Is it permissible to distribute to some of my poor relatives? I am also Giving some quantity of Rice to the Poor Non-muslims who lives among the muslims in the month of Ramadan as we are paying Zaka to Muslims. The money I spend to distribute was from interest and also from my own not from the Nisab of Zaka

Answer

It is not permissible to deliberately earn interest by making a fixed deposit. If one uses the bank facility due to necessity and earns interest though that, he should dispose of the interest to the poor and needy.

It is permissible to purchase rise from interest monies and distribute to the poor and needy. That includes Muslims and non-Muslims.

and Allah Ta’ala Knows Best

Mufti Ebrahim Desai

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

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