Fatwa #875828 May 2003South Africa
Is it permissable to offset your transaction fees from a bank with interest earned in the same account?
Answer
Interest monies must be given to the poor and needy who are eligible to accept Zakaat without the intention of reward. However, interest received from government institutes, e.g. post office could be used to offset government taxes. Interest received from private banks cannot be used to offset taxes. It may be used to offset interest charged from the same bank.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai