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Accumulating interest money

Answered according to Hanafi Fiqh by Muftionline.co.za

Q:

1. Is it permissible to use interest earned on a bank account to donate to charity?

2. If so, can you then invest the interest earned into a separate bank account so as to let it accumulate so an even bigger amount can be donated in charity?

3. If not, what are some of the many ways in which one can dispose of interest received?

Bismillaah

A: It is not permissible for one to intentionally accumulate interest money. However if interest money had come in ones possession unintentionally, one should immediately dispose of it through giving it to the poor without the intention of reward. It is not permissible for one to keep the interest and allow it to accumulate.

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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