People say that Bank interest is Haram. But suppose, I do business. I have kept a certain amount of money in the bank to fulfill the need of my children. Bank is depositing some additional money in my savings account as interest. But, suddenly, my earning from business falls short in a month/for some months due to which it has become tough for me to fulfill my family responsibilities. I can’t withdraw the principle amount which I kept in the bank to fulfill the future needs of my children when they grow older. Under this circumstance, can I use the interest money given by bank on the principal amount to fulfill my needs? Won’t I be considered as a needy person in the eyes of Islam and taking of that interest money be considered as halal? I think, to be considered as a needy person, one may not necessarily become a beggar/poorer. In my opinion, one who is unable to fulfill his/her need, is called needy (Allah Knows Best). Please share your opinion on this as per Quran and Sunnah.
بسم الله الرحمن الرحيم
(Fatwa: 632/628/B=07/1436)
When your principal amount is deposited in the bank in good quantity then you shall not be termed poor in case your business falls short. You may withdraw your principal amount from the bank in the same way as you withdraw your interest money from your saving account and fulfil your needs.
This excuse cannot make you eligible for taking interest money and use it. If your business has fallen short then you can start any other business and fulfil your needs. Interest is haram and malice, one should always stay away from it. It is also not lawful for you to deposit amount for your children’s future and use the interest from it.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband