Can I receive interest deliberately from saving account and give it to needy people without hoping for a reward? I just don’t feel good if bank makes profit from my money if I have a chequing(non-interest) account.
Answer:
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
In principle the facilities of conventional banking can be used due to need and necessity. Therefore, if you are putting your money into a savings account, the interest money must be given to the poor and needy with no intention of receiving reward.
(Ahsan ul-Fatawa, 7/16, Saeed)
(Mahmoodiya, 16/381, Farooqiyah)
(Contemporary Fatawaa, 242, Islamiat)
And Allah knows best
Wassalam u Alaikum
Ml. Sajid bin Shabbir,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah