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Economy

Q&A: Disposing of Riba [Interest] Money

Q&A: Disposing of Riba [Interest] Money

Question:

Our eminent Ameer, may Allah preserve him and forgive his sins,

Assalamu Alaykum wa Ramatullahi wa Barakatuhu

Someone opened an interest-based bank account in one of the nowadays existing (usurious) banks and later realized that riba [interest] was added to his account. We know that Allah سبحانه وتعالى says in the explicit part of His Revelation:

وَإِنْ تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لَا تَظْلِمُونَ وَلَا تُظْلَمُونَ

"But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged."

(Al-Baqarah: 279)

There are contemporary Sheikhs and Scholars who authorize taking this money and not leaving it to the bank, under the pretext of not helping the bank in committing Haram and not committing another Haram by leaving the interest to the Bank.

The question is: What to do with the money that has been added to his capital? Is it permissible for him to take the interest-accrued money (riba money) and spend it on the poor or to repay his debts with it? Will he be rewarded for spending this money on the poor? Please advise us, Barakallahu Feekum, may He forgive your sins.

From Ibrahim Abu Fathi

 

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