Fatwa #65522 September 2002United Arab Emirates

Can a person do Fixed deposit in bank to help poor people.

Question

A person has around 50k U.A.E Dirhams in Emirates Bank International. Currently he said to bank that he don?t need interest and he is not paid. His query is if he can do fixed deposit with the intention to utilize the interest value in helping the poor people.

Answer

It is not permissible to get into any interest bearing transaction with the intention of giving the interest to charity. Nabi (Sallallaahu Alayhi
Wasallam) cursed all those people who enter into any interest bearing transaction. (Mishkat pg.244; Qadeemi)

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

#25749In saving bank accounts interest is added automatically in the account. Can I use this amount to help poor people?
#38952Accruing interest on purpose to give to the poor
#9647Can Zakaat be paid at different times, as per the needs? Doesn't Zakaat is to help poor and needy and to improve their financial conditions, rather than just paying off at one time at the year end
#19055I 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?
#30097Depositing money in an interest free account
#11586I want to know make Fixed deposits in the bank for compound interest and without an intention to use the interest money for myself.
#14199works in a Foreign Bank. His job is to call various people and ask them to take loan from the bank on interest.
#18082Earning interest in bank deposits

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