Give it away as charity. The concept of charging interest known as riba in islam is against the religion s principle of fair distribution because it increases inequality.
Praise be to allah.
How to use interest money in islam. Because riba based money is not permissible for you you have no right to take any more than the capital and you have to leave the interest to the bank because allaah says interpretation of the meaning. When interest is charged the lender ends up with more and the borrower with less than they both started with the rich become richer while the poor become poorer. Be afraid of allaah and give up what remains due to you from ribaa from now onward if you are really believers.
O you who believe. Can i donate interest money to islamic aid. How do i donate my interest.
Just leave it in the bank don t do anything with it. Construction of masjid toilet purchase toilet consumables such as toilet papers cleaning. As far as i studied some well established reference and discussed with some scholars yes they are hanafi i ll update my answer asap i get hold onto related on line reference if you have no other feasible safe way to store your money in a interest based bank you should take out the riba amount asap to separate it from your halal money use it somewhere dirty but needed public spend e g.
You can donate your interest online or over the phone 0300 111 3001. Any predetermined addition to the amount that is to be paid is considered interest. It s not legitimate charity money.
Please ensure that you select interest money as the donation type so that we may spend your interest money correctly. Whoever allah guides none can misguide and whoever he allows to fall astray none can guide them aright. This falls under the category of disposing of haram income some scholars say you are allowed to give it away as charity but you cannot expect any reward for doing so.
Riba is more succinctly defined by hazrat shah waliullahdehlvi. Allaah says interpretation of the meaning. Depositing money in the bank in return for interest is riba usury which is a major sin.
The money that you are going to take after five years will be composed of the capital which is the money paid by the company and the riba based profits which are known as interest. Also called riba in arabic it means an unlawful increase in the amount of money or commodity to be paid back by a borrower to a lender. Where to use interest money in the name of allah we praise him seek his help and ask for his forgiveness.
We will use your money to support our work helping save lives of the poor and needy but will not use it on projects where interest should not be spent such as the construction of mosques.