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I would like to ask a question about the money that you receive yearly on your money in the bank read the details and tell me what you think

Answered according to Hanafi Fiqh by Askimam.org

I read in one of the previously answered questions that the when you put money in the bank the bank gives you 10% interest on your money which has been saved for one year so I would like to know I am not longer working for anyone and I am living off the interest I have no other income no pension and I have got a family to support if I spend from the interest is it haraam or halaal and if its haram to live off the interest what should I do shall if I spend the capital it will run out in a few years and if I put it in a Islamic bank like my brother did in the Ryan bank then I will lose all the money in the bank like my brother did when they stole it so please tell me what to do thank you for your help

Answer

1. Interest, irrespective of how people endervour to justify it, is Haraam. Such income is vehemently declared Haraam by the Holy Qur’aan and Hadith.

2. You have Halaal money, i.e. your capital in your possession. You should make use of this money instead. Your argument of abstain from using the capital amount is rather lame.

3. You may invest the capital in some Halaal venture and live off the income generated by this Halaal investment.

and Allah Ta’ala Knows Best

Mufti Muhammad Kadwa
FATWA DEPT.

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