Fatwa #3340914 December 2015Saudi Arabia
Can I use the amount of interest received on my bank account for helping poor Muslims?
Question
Can I use the amount of interest received on my bank account for helping poor muslims, e.g. buying them closthes, rickshaw or some materials which they can trade for earning their living? I will do it just to get rid of this Haram money and not for any reward.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Interest funds earned on conventional bank accounts should be dispensed to the poor and needy without the intention of reward. You should search for a Shariah Compliant savings account to deposit your funds. It is not permissible to intentionally deposit funds into conventional interest bearing deposit accounts despite the availability of Shariah Compliant deposit accounts.
And Allah Ta’āla Knows Best
Ismail Desai,
Darul Iftaa
Checked and Approved,
Mufti Ebrahim Desai.