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Accepting Interest so that Banks don’t “Use it Against Us”

Answered according to Hanafi Fiqh by Qibla.com

Answered by SunniPath Answer Service Team

I have asked many people and they said that it is haram to take interest from your bank. But most of the banks are Jewish owned, and if we don’t accept the interest, they get to keep the money and use it against us. So is it permissible for me to take that interest money and give it to an Islamic Charity or use it for any Islamic purpose?

Answer:
In the Name of Allah, Most Gracious, Most Merciful

Wa Alaykum Assalam wa Rahmatullah wa Barakatuhu,

In the Name of Allah, Most Merciful & Compassionate

Many banks agree to take back interest they have posted to one’s account and can block it from being posted in future. As such, the best and easiest way to deal with the issue is to not accept the money in the first place, rather than to wrongly acquire money and then find ways of disposing of it. We should explain to them, that regardless of the amount, as a matter of religious principle we do not accept a single penny of interest. When everyone does this, it also sends a clear message – it is surprising how many employees are quite impressed with such principles because not many people turn down ‘free’ money. As for banks using money “against us”, speculated harm does not permit us to disobey Allah’s firm command to not partake in riba (usury).

Please see the following link in answer to your question:

Getting Rid Of Riba Money
http://www.sunnipath.com/resources/Questions/qa00000363.aspx

How to Get Rid of Haram Money
http://www.sunnipath.com/resources/Questions/qa00000366.aspx

How to dispose of unlawful money
http://www.sunnipath.com/resources/Questions/qa00003771.aspx

Questions About Riba
http://www.sunnipath.com/resources/Questions/qa00000393.aspx

Bank Interest
http://www.sunnipath.com/resources/Questions/qa00000341.aspx

The issue has been dealt with at length (search by topic at www.SunniPath.com). Below are some additional key links for those interested in the fiqh of various financial transactions, interest, and why they differ.

Different ways of getting into riba
http://www.sunnipath.com/resources/Questions/qa00004148.aspx

Partnership/Investment Agreements Across the Madhhabs
http://www.sunnipath.com/resources/Questions/qa00002058.aspx

Investing in the Stock Market
http://www.sunnipath.com/resources/Questions/qa00000374.aspx

Mutual Funds: Are they allowed?
http://www.sunnipath.com/resources/Questions/qa00001946.aspx

Wassalam,
Sunni Path Fiqh Team

 

This answer was indexed from Qibla.com, which used to have a repository of Islamic Q&A answered by various scholars. The website is no longer in existence. It has now been transformed into a learning portal with paid Islamic course offering under the brand of Kiflayn.

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