What to Do with a Big Amount of Interest

30-9-2020 | IslamWeb

Question:

Assalamu alaikum,I have a bank account with some fixed deposit and i am getting regular intrest for this deposit for a long period i am not using this intrest because intrest is haram for a muslim and this intrest amount lying as a big amount in bank can i use this for my poor muslim brothers and sisters for their education and business purpose without expecting any ( SAVAB ) reward from allah. please clear my doubt jazackallah khair.

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Answer:

All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad is His slave and Messenger.

It is incumbent on you to repent to Allah, The Exalted, of this Riba-based transaction, and you have to withdraw your money (the principal amount) and not leave it in a Riba-based bank.

As for the interest money you obtained, you get rid of it by spending it in Muslims’ public interest, charitable projects, and helping the needy whom you are not obligated under the Sharee‘ah to provide for. Ibn Baaz said: “If a person, when he receives admonition and learns about the prohibition of Riba, repents to Allah, then he is entitled to keep what he has earned in the past. He is not obliged to return the profits generated from previous transactions. However, if he knew of the prohibition in this regard yet indifferently continues to deal in Riba, then all profits generated by Riba-based transactions are deemed forbidden to him, and it is obligatory on him to spend such profits in charitable fields, giving charity to the poor and needy, or donating to charitable projects. He must not keep it for his personal benefit.” [End of quote, from Fatawaa Noorun ‘ala Ad-Darb]

Allah Knows best.