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Use of Bank Interest

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
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I am a NRI, working in foreign country. I have been receiving interest money from Fixed Deposits in bank, Post Office Scheme & Savings Bank account in India. Can I disperse the interest amount in the following categories; please advise per Shariah 1. If I want to admit my son for higher education in India / abroad, I have to pay hefty donation. Can I use this interest amount to pay donation for my son (NRI quota in India)?
2. I have an older sister who has been divorced and is living with me (she is a dependent on me), I take care of all her needs, however can I give her the interest amount & also please advise can I give her zakah from my halal income?
3. Can I give the money to Madrasa by clearly stating them that the amount is from interest?
4. Can I give the interest money to my relatives for their business needs, in order to improve their monthly income? Eagerly awaiting to hear from you. May Allah help us to be guided in right direction

بسم الله الرحمن الرحيم

(Fatwa: 726/609/D=9/1438)

 

(1) It is not lawful to pay the interest money in the donation of higher education.

(2) If he is needy and poor then you may give him interest amount likewise you may give your zakah amount to him.

(3) Yes, you may give the interest amount with explanation but it is better not to give this amount in the madrasa if the madrasa has students who are eligible to receive zakah amount then pay your zakah there; otherwise give only Imdad amount.

(4) Yes, if the relatives are poor and needy one you may give this amount to them for business.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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