Fatwa ID: 04457
Answered by: Maulana Tammim Tharik Mohamadou
A brother is asking since he has a resp (registered education savings plan in Canada)
He is receiving interest in his account but is not able to withdraw from that account until the child grows up, can he give away the equivalent of the interest from his cheque account?
In the name of Allah, the Most Gracious, the Most Merciful
In theory, interest accruals received from any person, enterprise, funds, or bank accounts have to be returned to their rightful owners according to Shariʿah.
Considering the current times and that most of the financial transactions are digital thus returning interest accruals to their rightful owners is not practical. There is a legal maxim that says “الأمر إذا ضاق اتسع” which means if a matter is hard to practice then easiness will be sought.
Therefore, interest accruals can be disposed of by giving away to the poor without any intention of reward from your normal account in shā Allah.
Only Allah knows best
Written by Maulana Tammim Tharik Mohamadou
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
ابن عابدين, "كتاب الدر المختار وحاشية ابن عابدين رد المحتار," [Online]. Available: https://al-maktaba.org/book/21613/947#p9. [Accessed 25 10 2020].
محمد مصطفى الزحيلي, "كتاب القواعد الفقهية وتطبيقاتها في المذاهب الأربعة," [Online]. Available: https://al-maktaba.org/book/21786/269#p2. [Accessed 25 10 2020].