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Saturday, April 7, 2012

Yearly Closing Of Bank Accounts

As Salamu alikum Brothers and Sisters in Islaam,

Almost all of us have one or more Bank accounts. We either keep our money in FD (Fixed Deposit) /Savings accounts and we get interests on the capital amount .

Although the interest amount may be small or big, the question arises 
"what to do with the Interest money which is added by the bank into our account”?

For example I have "Salaried Account" in a Savings Bank (which the employer has opened for me). If I was given the choice I would have definitely opened as "Current Account" (non-interest paying account). But now what should I do ?

I am sure there will be many people ,just like me in various countries and not necessary that they may be aware of the ruling.

Allah Says in Quran,

"O you who believe! Eat not Riba (usury/interest) doubled and multiplied, but fear Allâh that you may be successful."(Imran,3:130)

In that case, What I do ???

After April 1st ( Yearly Closing of bank ), I just check how much money I have received as interest in my account in the entire year.  (Please check your account immed )

That  interest money I withdraw from the bank and keep it in a different place. I also make sure that it is  not be mix with my Halal household money nor is used for my daily expenditure nor for our personal necessities .

 So it is haraam to have and consume it.

 The haraam ruling has been given not by you or me but by Allah swt in the Quraan

"O you who believe! Be afraid of Allaah and  give up what remains (due to you) from Ribaa if you are (really) believers."

And then Allah WARNS us:

"And if you do not do it, then take  a notice of war from Allaah and His Messenger, but if you repent, you shall have  your capital sums. Deal not unjustly (by asking more than your capital sums),  and you shall not be dealt with unjustly."

So , if you still want to take interest money then be prepared to have a WAR with Allah swt and his Messenger (pbuh).

So, We should remove the interest money from our halal income.

Please make sure that we spend this money only on poor (either by giving in charity in one go or in phases) WITHOUT the intention of  seeking reward from Allah swt, because it is not counted as charity (Sadqat) /Alms (Zakat) etc.

Charity/Zakat only implies from our OWN money/Halal earnings. whereas the interest money ,that banks gives us on our deposit/savings, is in fact NOT ours.

What should be done with interest?  -- Please visit the below link for the details


Abdul Basith ibn Azeez Rahman

Jizak Allah Khairan Brother Abdul Basith ibn Azeez Rahman

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