My father passed away when I was 14. I am studying and I am unable to go for work. So we have an amount and we deposited it in bank and an interest of 5000 comes. Is there any concession in this situation to use the interest? We are caught under poverty.
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykumwa-rahmatullāhiwa-barakātuh.
We make dua that Allah Taa’alah Shower your father with his special mercy. Ameen.
You did not mention how much money you have in bank. The amount of interest is big, 5000. Therefore it means that the capital amount in the bank is also very big.
We understand that you have a fear of poverty and you are looking for solution in Shariah to protect yourself against it.
You have to understand that this world is Darul Asbaab (A world of means). We have to adopt means for whatever we want. Finally it is Allah who puts effects in the means we adopt. Allah Taa’alah made some people rich and some poor. While you strive to enrich yourself, have the belief that you will got only that which is decreed for you. No more, no less, You should read Surah Waaqiyah every night after magrib salah. It is a protection against poverty.
Hadhrat Abdullah Ibn Masood Radiallahu anhu said to Hadhrat Uthman Radiallahu anhu that Nabi said : “Those who read Surah Waaqiyah every night, poverty will never afflict him”.
(Fadhail Sahaabah li Ahmad ibn Hambal Maktabah Tsaalah Beirut, V2, P726) [1]
Allah Taa’lah is Razaaq. In the Holy Qur’aan, Allah Taa’lah said: “Allah give sustainance to who wishes without counting[2]”
You should remove the money from the bank and invest it in a Mushaarakah (to be partners with somebody in business) or Mudaarabah (Silent partner ship). In brief Mudaarabah is the person gives you R10000 as capital to do business and both of you share the profit according to mutual agreement for example 50% each. If there is a profit of for example R1000, both will get R500. If there is a loss it will be taken out from the R10000 and you will get no profit[3].
For a detailed explanation on Musharakah and Mudaarabah, kindly find attached relevant articles from Introduction of Islamic finance of Mufti Taqi Usmani Saheb.
And Allah Ta’āla Knows Best
Mufti Mouhammad Yassine Ibn Ibrahim Ibn Ismael Panchbhaya,
Re
Checked and Approved by,
MuftiEbrahim Desai.
www.daruliftaa.net
[1] حَدَّثَنَا عُمَرُ بْنُ أَبِي غَيْلانَ، نا عُثْمَانُ بْنُ أَبِي شَيْبَةَ، نا أَبُو الْيَمَانِ الْبَصْرِيُّ قَالَ: سَمِعْتُ السَّرِيَّ بْنَ يَحْيَى قَالَ: نا شُجَاعُ بْنُ أَبِي فَاطِمَةَ قَالَ: قَالَ عُثْمَانُ لابْنِ مَسْعُودٍ: أَلا آمُرُ لَكَ بِعَطَائِكَ؟ قَالَ: لا حَاجَةَ لِي بِهِ، قَالَ: يَكُونُ لِبَنَاتِكَ قَالَ: إِنِّي قَدْ أَمَرْتُ بَنَاتِي أَنْ يَقْرَأْنَ كُلَّ لَيْلَةٍ سُورَةَ الْوَاقِعَةِ فَإِنِّي سَمِعْتُ رَسُولَ اللَّهِ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ يَقُولُ: «مَنْ قَرَأَ كُلَّ لَيْلَةٍ – أَوْ قَالَ فِي كُلِّ لَيْلَةٍ – سُورَةَ الْوَاقِعَةِ لَمْ تُصِبْهُ فَاقَةٌ أَبَدًا» . قَالَ السَّرِيُّ، وَكَانَ أَبُو فَاطِمَةَ لا يَدَعُهَا كُلَّ لَيْلَةٍ.
[2] وَاللَّهُ يَرْزُقُ مَنْ يَشَاءُ بِغَيْرِ حِسَابٍ (Baqarah , 211)
2اللباب في شرح الكتاب ، الكتاب المضاربة
المضاربة: عقدٌ على الشركة بمالٍ من أحد الشريكين وعمل من الآخر، ولا تصح المضاربة إلا بالمال الذي بينا أن الشركة تصح به، ومن شرطها أن يكون الربح بينهما مشاعاً
Please download a standard Mudaarabah contract prepared by the Darul Iftaa at :
http://daruliftaa.net/sharcompliancy/Download-document/Mudarabah-Agreement.html