Assalamu Alaikum We put company’s money in bank current account instead of savings account because bank own consumes interest from current account But customer consumes it from savings account. If I interest to put my money in savings account & collect the interest to distribute to the poor, (without the aim to get virtue). Will it be right or appropriate according to Muslim Sari-ah ? Request to explain the matter vast.
Answer
(Fatwa: 385/304/B=1431)
It is allowed to deposit money in bank only for the sake of protection and security. It is not allowed to take interest and give it to poor; likewise, if someone robs so that he could distribute it among poor it is not lawful as well. Yes, if one deposits it for the sake of protection and safety and whatever interest receives gives it to poor and needy people in charity without the intension of reward, it is lawful.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband