IslamQA

Accumulating interest money

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: My bank used to pay me interest before I stopped it. Is zakat due on this interest money?

Bismillaah

A: It is not permissible for one to intentionally accumulate interest money. However if interest money had come in one’s possession unintentionally, one should immediately dispose of it through giving it to the poor without the intention of reward. Zakaat is not waajib on such impure money.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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