Ever since I was introduced to the concept of interest (money), and the fact that it is such a sin I have felt very strongly about it. Although I understand it is difficult to avoid, it really disturbs me the number of Muslims paying and spending interest money.
As a student I chose not to take out a loan because of this reason. However due to financial difficulties later in the academic year I decided to take an overdraft from the bank on the conditions that it is interest free. I wasn’t aware that I would be gaining interest on the money in the account. At the end of the year I gained 8 pence of interest money. Which I removed from my account and gave to a random charity, with no intention of gaining reward as the money doesn’t belong to me.
Recently I have been looking to close this account so I receive no further interest and find an alternative over draft facility without receiving interest. I was talking to a family member about this and he suggested that I keep the account where I am receiving interest and use this money to give to Islamic charities. Obviously my initial response was to refuse. But he went on to say that the money will be used by the bank anyway and it would be better that the money is given to a worthy cause. For example TSB Bank supports a certain charity, rather than the money going to that charity why not give it to an Islamic charity? Although all of this would be without the intention of receiving rewards.
I don’t know I still feel strongly about totally avoiding interest... But I’m just wondering what you guys think of this. And also what do you do with the interest money that you receive?
....If thou knowest not thy God, thou art a slave of men;
And if thou dost, thy slaves are kings and potentates.
The heart’s freedom is kingly; its slavery is death,
It is for thee to decide — to be a king or a slave.
[Baal-e-Jibreel, Allama Iqbal 1935]
I usually sent my interest money to countries where everyday thousands of people die of hunger or lack of basic necessities. I used to do it through islamic organizations and when i sent the money i specified that it was interest money. Of course i did not expect any reward from it.
Recently i've started giving the interest i receive to people who normally avoid interest money like me, but had to take loan from banks because they had no other choice. So they pay part of the interest due on their loan with the interest i give them.
Recently i've started giving the interest i receive to people who normally avoid interest money like me, but had to take loan from banks because they had no other choice. So they pay part of the interest due on their loan with the interest i give them.
JazakAllahu Khayr for your reply sis. So that sort of cancels the interest out? Is it permissable?
....If thou knowest not thy God, thou art a slave of men;
And if thou dost, thy slaves are kings and potentates.
The heart’s freedom is kingly; its slavery is death,
It is for thee to decide — to be a king or a slave.
[Baal-e-Jibreel, Allama Iqbal 1935]
Wow I didnt know something like this existed. It has the following fatwa:
Summary of Fatawa
Muslims are advised to give the interest from their bank accounts to a Muslim charity. The scholars consider it more sinful to leave interest money with the banks, as this money is often used for un-Islamic activities.
While it is allowed for charities to use interest money, it is still Haraam for individuals who receive it, to use it for personal consumption. Also, as there are no blessings in interest, people should not expect rewards for giving this interest money to charity. Rather it should be seen as a way of avoiding a major sin.
Which is what someone suggested to me. Is this confirmed by most scholars?
....If thou knowest not thy God, thou art a slave of men;
And if thou dost, thy slaves are kings and potentates.
The heart’s freedom is kingly; its slavery is death,
It is for thee to decide — to be a king or a slave.
[Baal-e-Jibreel, Allama Iqbal 1935]
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