Getting rid of interest on bank deposits

18-9-2001 | IslamWeb

Question:

I keep my money at bank and I try my best not to utilize any interest earned on my money. Whenever I get interest I accumulate it and then give it to any needy person but before giving it to that person I do inform them that this is a interest money, am I doing it properly?

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Answer:

Praise be to Allah, the Lord of the World; and blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
As you know dealing with usury-taking banks is not permissible in Shariah. For more details, please refer to the Fatwa: 82049 and 81349.
Therefore, whoever has committed that sin should immediately turn towards Allah, making sincere repentance and giving up that malpractice. If one gets interests on his money he must get rid of it either spending that interest in the social welfare of Muslims or giving it to a needy person.
Allah knows best.