Recipients of Interest Money

CategoriesTrade, Business & All Things Money [480]

Fatwa ID: 04641

Answered by: Mufti Muhammad Adnan

 

Question

 

Assalamu Alaikum I kindly inform I have money in the bank and it pays interest I don’t want that interest money but as per law I have to take it, then I took that money and gave it to someone needy, is it ok?

 

 

In the name of Allah, the Most Gracious, the Most Merciful

 

Answer

 

The recipients of interest money are the poor and destitute. Some scholars have said that one may use the interest money to make toilets for the poor or to repay an interest-based loan. However, it is preferable to give interest money to the poor without the intention of reward (thawab). (Raddul Muhtar p.553 v.9 & Jadeed Fiqhi Masaail p.406 v.1)

 

 

Only Allah Knows Best

Written by Mufti Muhammad Adnan

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham

 

 

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