Offsetting interest from one bank with interest received from another bank
Q: I have an account with absa and one with Standardbank. I receive interest from one account because of excess funds and from time to time I am charged interest from the the other bank. For example, this past few months, I received interest of R500 from Absa but I was charged to pay interest to Standard bank to an amount of R600. My question is: Can I offset it from the interest that I was given by another bank?
A: All interest dealings are totally haraam and forbidden in Islam. The interest amount of one bank can be offset with the interest charge of the same bank.
And Allah Ta’ala (الله تعالى) knows best.
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