Interest from the bank
Q: Is bank interest in India acceptable for a Muslim?
A: Riba is haraam and forbidden in Islam.
And Allah Ta’ala (الله تعالى) knows best.
Checked & Approved:
Read these QA to learn more..
- My question is about bank interest. If a person is receiving interest from a bank, can he use this interest for a poor girl’s marriage?
- I live in Canada and as soon as I am 19 years of age inshallaah the bank takes interest from our account. Even though i don’t take a loan the bank still takes interest from the pay cheques I make. Also regarding credit cards buying home or cars I know these are worldy desires and interest is Haram but is there forgiven for people who live in a society of interest?
- As salamu alykum wa rahmatullahi wa barakatuhu, I had taken a loan to purchase a plot/house for personel use about 1 yr and 2 months ago from the bank and i deposited that amount in savings bank account of another bank in my hometown. unfortunately, till now, i’m unable to purchase it.Anyhow,I’m in debt and paying the instalments to the bank regularly and the instalments complete upto 3 years.Now,I have started recieving the interest upon the deposited amount in my hometown bank. related to this, I have various questions. 1. Can I use the interest money for my relatives marriage/good cause without any intension of sawab? If not then, what to do with that money? 2. Can I use the interest money to repay my loan /instalments/Interest to the bank from which I borrowed? 3.I?m already in debt,but should I have to give the zakat for deposited money which is meant to purchase the plot/house for my personel use?
- We have masjid a/c in one bank and baitul mal a/c is another bank. in masjid a/c we have shops deposit amoutn and masjid income like (monthly subscriptions and shops rents) every 6 months we get interest. so we transfer the interest amoutn to baitul mal a/c. my question is can we transfer interest amoutn to baitul mal a/c or can we construct toilets in majsid premiss or can we paid interest amount to municipal property tax for shops. or can we use this interest amount for legal matters. my another question is Baitul mal is a halal amoutn like (Zakat and Fitr) can we mix the interest amoutn in that. because if we move the interest amoutn in to baitul mal a/c again after 6 month we get interest on (baitul mal a/c ). is it permissible ? if not can we create a fresh a/c in that only interest amout we deposit and we use needy people according to the situation. one more questions is Where do we use this interest amoutn can u please mail briefly so that we can follow inshallah.
- One of my banks charges a fixed amount yearly for crdit card and ATM card as a service charge and also they deduct certain amount if monthly balance becomes lower than a minimum limit. This bank does not pay interest on any amount. My other bank pays interest, the question is; whether I can pay all the above mentioned charges of first bank from the Interest received from second bank.
- I am working in travel agency as accountant and agency owners are muslims and they are holding overdaraft account in bank and bank charge interest on overdaraft. and as a accountant i have to maintain bank account and have to do bank reconceliation and have to pass interest entries in computer. doing so is halal or haram.