Receiving Interest
Fatwa No: 81626

  • Fatwa Date:2-8-2000 - Jumaadaa Al-Oula 2, 1421
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Question

Assalam Alaikum! Could you please tell me if a widow or an aged person with no source of continuing income can deposit his/her savings in a bank and receive interest?

Answer

All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) is His slave and Messenger.

 

Allah has forbidden usury and He threatens the one who deals with interest with a war against him.

Allah Says (what means): {O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged.} [Quran2:278-279]

Allah does not declare war against anyone except the people who deal in interest. No doubt, all non-Islamic banks are based on usury, which is forbidden in Islam. You should transfer all your deposits to Islamic banks. This is best for you to be obedient to Allah and to purify your money.

You should spend the interest you have gained on your deposits on the poor, needy people, and in charity. We would like to inform you that interest (usury) is forbidden for every one without exception, poor, needy, aged person, widow, or otherwise.

Have trust in Allah; surely, He will help you. You should increase your worship of Allah and ask His blessings.

May Allah bless you and grant you ease for all your problems.

Allah knows best.

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