Q: For what purpose can we use interest from bank?
A: Refer to http://muftionline.co.za/node/6196
And Allah Ta’ala (الله تعالى) knows best.
Checked & Approved:
Read these QA to learn more..
- I want to open an interest account to give interest money to poor people, is it allowed? Can I use this interest money for my parents, especially for Hajj?
- Assalamu Alaikkum, I have one question regarding the interest. When we have a account in the bank, they are giving interest for our money once in three months. 1. Can I use this money? Is it Halal? 2. Can I give this money to my relatives(my sisters and brothers)? 3. Can I give this money to my parents? 4. In Zakath money can I admit my sister’s son in the school?(She is poor that she is not able to admit in the school) Thanks & regards!
- I came to know that it is permissable to pay tax from interest money from your previous answers. My question is: I have two chits in chitfund running by some other person in my native. 1. Is it permissable to pay tax from the interest what I’m getting from the chitfund? 2. Is it permissable that prior to getting the interest money, I will pay tax from my halal money thinking that I’m paying from interest money what I’m getting after completion of chitfund and I’ll take that much money from the interest money of the chitfund? In simple words, first I’m paying my halal money as tax then taking from interest money of chitfund. Is it allowed?
- I hope the stock goes up so I can regain my money. But I havent taken out the interest in it. Can I throw the interest out by throwing away my spare money and keeping my stock money?
- Dear Mufti sahib! my father deposited some money in the bank in 1997/98, at that time he doesn’t know much about the interest, later on in 2008 he realized that extra money that bank will give to him is interest. so he decided to give the money to the deserved peoples. but my father died in august last year. i want to know. (1): that all the money of interest will be given to the deserved onces. or we are also able to keep some money of interest. because at the time of the deposit the value of the money was much greater than it is now. (2): if we are not able to keep the money, then to whom it may be given. (3): can we give it to our poor relatives, if they also know that the money we giving to them is the money of interest.
- I always hear that one should not take or give interest. My question is, how can you start a business or deploy industry or for that matter do anything that requires capital without paying interest? Actually if you think about it, we are all getting affect by interest one way or other. Our governments go out and borrow money from IMF to pay its bills and give money to the banks for borrowing? So if the government is>borrowing money you can understand the impact it has on all citizens of that country. Please help me understand how you can setup any business in this world without borrowing money (paying interest) unless of course you are Bill Gates.