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Dealings With A Savings Account and Life Insurance

Answered according to Hanafi Fiqh by DarulUloomTT.net

Question: Assalamu alykum

Sir I have few questions
1) In past I have a saving account which i total received 1250 interest amount this amount i used earlier, now I have closed my bank account , what should I do, means the amount which i have used earlier, should i give charity or sadaqa to this amount to poor or not?

2)currently I also have saving account in another bank, so how i maintain this account?

3) I have a life insurance own my life, 10 years have been passed and ten years will remain what should I do in this situation should i surrendered this policy or continue it until it expire

please give detailed answers
and also can we minus the bank charges from bank interest and remaining give it to poor.


Answer:

Wa alaiukm As Salaam,

1. Yes, you should give this amount to the poor/needy but not with the intention of Sadaqa.

2. You can maintain a saving account in the other bank. Whatever interest you receive you must give it to the poor and needy.

3. With respect to the life insurance, you must surrender your policy and retrieve as much as you paid in premiums. You should not make a claim for more than this.

Yes, you can minus the bank charges from the bank interest and give the remaining amount to the poor.

And Allah Knows best.

Mufti Waseem Khan.

4/12/2013

This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.

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