Q: I am asking a question on behalf of a trust which runs Masajids, madressas, schools and clinics. Can money be deposited in an interest bearing account as opposed to an interest free account with the aim of using that interest for the poor?
A: To specifically deposit money in the bank so that it may accrue interest is not permissible in Islam as such type of interest bearing transactions has been strictly prohibited. However because of the prevalent unsafe conditions in our country, and as a necessacity to do business, ulama have permitted the use of conventional banking services at the time of need as a darurah (necessity), hence any interest accrued to the account has to be disposed off to a poor person considered worthy of charity.
And Allah Knows Best
—
Aadiel Moosagie (Mufti)
Council of Ulama Eastern Cape
Tel/Whatsapp: +27 83 982 6968
[email protected]
www.councilofulama.co.za
@UlamaCouncilEC