Fatwa ID: 04204
Answered by: Shaykh Ahmed bin Mohamed Umarji
Can we utilize the interest received from the bank for giving zakat or for using for our own use?
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
In the name of Allah, the Most Gracious, the Most Merciful
The Noble Qur’an is explicit in its prohibition of interest.
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا
“Allaah has permitted trade and forbidden interest. ”
Muslims are not allowed to utilize interest funds. The funds should be given to charity without the hope of reward. The funds should be considered a burden that one needs to dispose of immediately. The funds can be given to a needy person who does not own the nisab amount.
Only Allah knows best
Written by Shaykh Ahmed bin Mohamed Umarji
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham