Interest Archives - IslamQA

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

Using Interest for availing banking services

Answered by Darulifta-Deoband.com

Can we use interest to pay bank services and maintenance fees for e.g Minimum Account Balance penalty, ATM charges and Credit card Service fees. بسم الله الرحمن الرحيم (Fatwa: 856/701/SD=09/1440)   It is not lawful to use interest money to pay ATM charge, credit service fee etc. one should spend interest money on poor and… read more »

Interest and Insurance

Answered by Darulifta-Deoband.com

I am a state govt employee of Odisha. Can I use interest money received from L.I.C ,India in lieu of Annual Income Tax which is directly deducted from my salary in the month of February every year? (So it will be assumed that the interest money received from L.I.C is being used for payment of… read more »

Zakat on FD

Answered by Darulifta-Deoband.com

I have a Fixed Deposit (taken last year for tax relief) of Rs 1,50,000 in a bank. But I can never withdraw the amount up to 5 years. Even I tried to withdraw the money due to my crisis. But bank says it is lock in period of 5 years. So, should I pay zakah… read more »

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