How to Dispose of Riba From the Registered Education Savings Plan in Canada

Fatwa ID: 04457

Answered by: Maulana Tammim Tharik Mohamadou

 

Question:

 

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

 

Answer:

 

In theory, interest accruals received from any person, enterprise, funds, or bank accounts have to be returned to their rightful owners according to Shariʿah.[1]

 

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.[2]

 

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

 

References

[1]

ابن عابدين, "كتاب الدر المختار وحاشية ابن عابدين رد المحتار," [Online]. Available: https://al-maktaba.org/book/21613/947#p9. [Accessed 25 10 2020].

[2]

محمد مصطفى الزحيلي, "كتاب القواعد الفقهية وتطبيقاتها في المذاهب الأربعة," [Online]. Available: https://al-maktaba.org/book/21786/269#p2. [Accessed 25 10 2020].

 

 

 

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