As salamu alykum wa rahmatullahi wa barakatuhu,
I had taken a loan to purchase a plot/house for personel use about 1 yr and 2 months ago from the bank and i deposited that amount in savings bank account of another bank in my hometown. unfortunately, till now, i’m unable to purchase it.Anyhow,I’m in debt and paying the instalments to the bank regularly and the instalments complete upto 3 years.Now,I have started recieving the interest upon the deposited amount in my hometown bank. related to this, I have various questions.
1. Can I use the interest money for my relatives marriage/good cause without any intension of sawab? If not then, what to do with that money?
2. Can I use the interest money to repay my loan /instalments/Interest to the bank from which I borrowed?
3.I’m already in debt,but should I have to give the zakat for deposited money which is meant to purchase the plot/house for my personel use?
Jazakallau khair
Answer:
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
Allah Ta’ala is Hakeem (Most Wise). Whatever is beneficial for mankind has been permitted and whatever is harmful (though it might seem beneficial) has been forbidden.
Severe warnings have been mentioned in the Noble Quran regarding those involved in interest and usury. Allah Ta’ala mentions in the Holy Quran:
الذينيأكلونالربالايقومونإلاكمايقومالذييتخبطهالشيطانمنالمس
ذلكبأنهمقالواإنماالبيعمثلالرباوأحلاللهالبيعوحرمالربا.
Those who take ribā (usury or interest) will not stand but as stands the one whom the demon has driven crazy by his touch. That is because they have said: “Sale is but like ribā”, while Allah has permitted sale, and prohibited ribā. (Verse: 2:275)
ياأيهاالذينآمنوااتقوااللهوذروامابقيمنالرباإنكنتممؤمنين. فإنلمتفعلوافأذنوابحربمناللهورسولهوإنتبتمفلكمرءوسأموالكملاتظلمونولاتظلمون.
O you who believe, fear Allah and give up what still remains of ribā, if you are believers. But if you do not (give it up), then listen to the declaration of war from Allah and His Messenger. However, if you repent, yours is your principal. Neither wrong, nor be wronged. (Verse: 2:278,279)
عنجابرقاللعنرسولاللهصلىاللهعليهوسلمآكلالرباوموكلهوكاتبهوشاهديهوقالهمسواء. (رواهمسلم)
Sayyiduna Jabir رضياللهتعالىnarrates that Nabi صلىاللهعليهوسلمcursed those who are involved in usury; whether it is the person who is giving usury, receiving it, writing the transaction or witnessing it. (Sahih Muslim Vol.11 Pg.28 – Dar al-Ma’rifah)
Therefore, it is imperative to sincerely repent to Allah Ta’ala and make a form intention to free yourself from all interest bearing transactions. We strongly recommend that you pay of your interest bearing loan instead of keeping it in another bank account. Insha Allah by giving this up for the pleasure of Allah Ta’ala, Allah Ta’ala would grant you a much greater recompense in this world and the hereafter.
The answers to your queries are as follows:
- Interest money should be given in charity without the intention of reward. Therefore, if your relatives are poor, you may give them the interest money. If you personally are poor, you too could use the money.
2.In principle one may only trade off interest against interest from the same bank. One cannot trade off interest against interest in different banks. However, if there is a need (dharoorah) interest from one bank could be used to set off interest from another bank also.
3.The money deposited should be used to pay off the interest bearing loan. When calculating your zakatable assets, subtract the amount of the loan from your capital and pay zakah on the balance.
تبيينالحقائق – (ج 7 / ص 60) علمية
وقالفيالنهايةقالبعضمشايخناكسبالمغنيةكالمغصوبلميحلأخذه،وعلىهذاقالوالوماترجل،وكسبهمنبيعالباذقأوالظلمأوأخذالرشوةيتورعالورثة،ولايأخذوامنهشيئا،وهوأولىلهم،ويردونهاعلىأربابهاإنعرفوهم،وإلاتصدقوابها؛لأنسبيلالكسبالخبيثالتصدقإذاتعذرالردعلىصاحبه
جديدفقهيمسائل 4/93كتبخانهنعيمية
البحرالرائق – ث – (ج 2 / ص 204)رشيدية
وشرطفراغةعنالدينلأنهمعهمشغولبحاجتهالأصليةفاعتبرمعدوماكالماءالمستحقبالعطشولأنالزكاةتحلمعثبوتيدهعلىمالهفلمتجبعليهالزكاةكالمكاتبولأنالدينيوجبنقصانالملكولذايأخذهالغريمإذاكانمنجنسدينهمنغيرقضاءولارضاأطلقهفشملالحالوالمؤجلولوصداقزوجتهالمؤجلإلىالطلاقأوالموتوقيلالمهرالمؤجللايمنعلأنهغيرمطالببهعادةبخلافالمعجلقيلإنكانالزوجعلىعزمالأداءمنعوإلافلالأنهلايعدديناكذافيغايةالبيانونفقةالمرأةإذاصارتديناعلىالزوجإمابالصلحأوبالقضاءونفقةالأقاربإذاصارتديناعليهإمابالصلحأوبالقضاءعليهيمنعكذافيمعراجالدراية
And Allah knows best
Wassalaamu `alaykum
Ml. Ishaq E. Moosa,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah