Sunday, 24 December 2023

Disposing of Interest in One's Bank Account

 A translation of this fatwa from Naseem al-Sham


Question:

As-Salām ʿalaykum wa Raḥmatullāhi wa Barakatuh. My question is as follows: I have a balance of money in the Real Estate Bank[1] and the last time I inquired about the balance, there was an additional interest amount of approximately 230,000 lira. Please tell me how I can legitimate this money. What is the method? As far as I know, this interest amount is unlawful. Thank you very much.

Answer (Imam Muḥammad Tawfīq Ramaḍān):

The addition to the principal amount is neither yours nor the bank’s; it is akin to lost money that should be given to public interests. You may use it to help the homeless and those in need, or give it to someone who needs it for treatment, for example, or to drill a well, or to extend an electricity line to someone who does not have one, and so on.


[1] Ar. Al-Bank Al-ʿAqārī: https://www.reb.sy/