Zakat and Interest

PoH Interest Aid

An important issue that’s slowly eroding the Deen and Akhirah of the people of our Community and particularly that of the working professionals like us is; ‘Interest/Riba/ Usury’ Interest is something that is known to anyone living in the modern world, it has become so completely institutionalized and accepted in today’s economies that it is almost impossible to stay away from paying or receiving interest. Quarterly interest deposited by your bank in your Salary/Savings Account is one such source, though the amount is small, it still is categorized as interest. The same interest, for which the Holy Quran states; “O you who have believed, fear God and give up what remains of interest, if you should be believers. And if you do not, then be informed of a war from God and His Messenger.” (Quran 2:278) Who in his right mind would expose himself to a declaration of war from God and His Messenger (SAW)? Undoubtedly, a strong threat one will rarely find. Allahu Akbar! The Prophet (SAW)’s Hadiths also explain that there is no difference between the one who pays interest and the one who receives it. Thus, first and foremost one who believes in Allah and the Last Day, must immediately abstain and stop from dealing in any interest related activities. May Allah guide us! The Fuqah and Scholars from all schools of thoughts have agreed on the usage of the Interest for helping the needy, instead of leaving it in the bank for some UN-ISLAMIC acts. With regard to the interest that the bank has given to you, do not give it back to the bank (else they use it to earn more interest and can sometime use against us) and do not consume it yourself. Rather spend it on charitable causes, such as giving it to the poor and needy. But it should be remembered that this amount is forbidden only for the person who has received it as interest. The poor persons who get it as charity can use this amount for their personal benefits. It can be given to your relatives as well who are needy. Interest Disposal: Now the question arises what should one do with the interest money one has already accumulated in the past in ignorance of the Laws of Allah or is being accumulated with no authority over it e.g. Quarterly Interest Deposit in your Salary/Saving Account? For the unlawful interest money that one has accumulated, we have two choices: You may either leave it in the bank. Or You may take it and dispose it for the benefit of the underprivileged. With Allah’s guidance, if you now wish to dispose of that illegal money, the scholars are of the opinion that one may take this interest with the intention that he wants to rid himself of this evil thing, and give it away to some charity without seeking any reward from Allah for this spending. The believer, who does this only because he fears the accounting of Allah in the Aakirah, will, InshaAllah, be rewarded for keeping himself pure from the evils of interest. Alhamdulillah! AMP provides a platform to people to donate their Quarterly/Annual interest in charity so that this amount can be used by AMP for the upliftment of the Muslim Community by way of Educational & Economic empowerment. So get rid of Interest/Riba and purify your wealth by supporting the PoH movement!   You may either deposit your interest money in the following Bank Account below;
Account No. 607110110006525
Account Type Savings
Bank Name Bank of India
49, Pocket-2, Jasola, Delhi
MICR Code 110013112
IFSC Code BKID0006071
  OR Make an Online Payment by clicking on the link below;   Note: 1) Please ensure that you mention ‘Interest Money’ as the ‘Donation Type’, so that we may spend your interest money correctly. 2) Interest money, according to the most careful opinion, is good for any charitable purpose (including educational fees for poor students). Interest Money should NOT be used for building the mosques or printing the Quran’. 3) It is always better to consult with Scholars of your choice, instead of understanding Deen from Google, on the issues related to HARAAM and HALAAL. 4) Please find below a link containing interest money related fatwas.

A. Can use bank interest to help the needy, says Darul Uloom ?  More

B. Use of Interest and Zakah money (darulifta-deoband) More   Regards, Team People of Hope