What can I do with the interest paid by my bank?Is it HARAM to donate it to a Masjid or Madrasha?
I used to withdraw the interest earned through my savings accounts and donate it to an orphanage.My village Masjid needs lot of money to complete the construction work and finds it difficult to raise fund.My friend says spending ill-gotten interest on religious work is also Haram.
Technically you should not put your money to ‘usury’ at all.
Having done so, use as you are led.
February 16th, 2010 at 5:14 am
That’s why Muslims have their own banking system, consistent with the principles of Islamic law (Sharia).
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February 16th, 2010 at 6:02 am
do like th4e wealthy arabs do spend it on wine women and song in another country
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February 16th, 2010 at 6:38 am
Give it to the Pope.
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February 16th, 2010 at 6:45 am
first answer is a good one., but you should ask this to an imam or someone who knows what they’re talking about. NOT us knuckle heads. besides your in the wrong section.
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February 16th, 2010 at 7:26 am
if in doubt ,reinvest and gain more interest, also make enquiries regarding what your donation is really doing.
a lot of these charities use up to 80% of donations for administration costs plus perks
i notice oxfam in new zealand sent there c.e.o over to copenhagen for the climate change conference, why , they are supposed to be a charity, not a political junket org.
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February 16th, 2010 at 8:09 am
Technically you should not put your money to ‘usury’ at all.
Having done so, use as you are led.
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February 16th, 2010 at 8:46 am
‘Islamic banking’ is the biggest con ever devised.
No interest is received on deposits in their bank accounts, but they will offer to use YOUR money to make investments on your behalf, with all the risk on YOUR shoulders - ie if they lose your money it’s tough.
However when you take out a loan with them, they apply a ‘charge’ which is based on the prevailing market rate of interest at regular banks.
Who is the winner here?
I think you’ll find all money has at some point been used to deal with ‘haram’ things (alcohol, pork, etc) so all money could be considered as ‘ill-gotten’.
Besides, couldn’t your money be put to better use? The Saudis have the mosque construction finance covered.
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February 16th, 2010 at 9:32 am
Usury is haraam. Interest is not haraam. Usury is the benefit earned on giiving a loan to a destitute-needy on onesided terms of loan, instead of giving a gift of money to the destitute needy person ( termed Sadaqa in Muslim theology).. Loans given for productive investments are not usurious.
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February 16th, 2010 at 9:59 am
Peace..
If you have taken interest from the bank them you have these options according to the Shariah:
1) stop taking the interest from the bank by cancelling the interest
2) Take the interest and then give it back in charity (meaning the poor)…
This is the the answer you are looking for..
Peace
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