Category: fatwas about selling and monetary transactions
How to get rid of bank interests
What should one do with bank interests? Is it permissible to give them to the poor and needy persons? Shall one get a reward by giving them in charity? What are the other ways to spend these usurious interests? May Allah reward you.
All praise is due to Allah, the Lord of the Worlds. Peace and blessing be upon whom Allah sent as a mercy to the Worlds, upon his Family, his Companions and his Brothers till the Day of Resurrection.
The usurious interests given by the bank are illicit. Therefore, it is allowed to spend them in Muslims public utility services, give them to all those who can bring benefit from them and for the poor and needy persons. This money should be spent with the intention and on behalf of its [unknown] owner from whom it is taken unjustly; because the ruling regarding illicit money, if its owner and heirs are unknown, is that it becomes common money from which all people benefit, and which serves their public interests.
The perfect knowledge belongs to Allah عزَّ وجلَّ. Our last prayer is all praise is due to Allah, the Lord of the Worlds. Peace and blessing be upon our Prophet, his Family, his Companions and Brothers till the Day of Resurrection.
Algiers, Rabî` Al-Awwal 12th, 1420
Corresponding to June 26th, 1999