Getting Interest from banks in Islam

Question

hey you guys!

im feeling really depressed! :(

I always knew that you shouldnt get interest from someone, like if i gave you £10 and you had to give me £12 in return ect etc

But i have only just realised that it goes for banks too :(

Thre thing is, i have a savings account and the interest isn't that much, but now i dont know what to do.

I'm still young i come from a family that doesnt really have that mcuh money. I have put my money into my savings account so that i can go to university inshallah, becuase as they say "every little helps" and i suppose the interest does add abit to my savings and i really do need it.

WHAT AM I TO DO????

shall i cancel my account or something? I dont think my mom will let me becuase she doesnt really believe in that stuff

please help :(

I dont want to go to h**l!

Answer 1

Don't take the barakah (blessing) from your wealth by putting it in interest accounts.

Take whatever interest you earned and return it to the bank and close your account and open a NON-interest savings account.

Sister, you must realize the dangers of Interest. It is not a matter to be taken lightly, but rather a major sin and a cause of destruction.

Aboo Daawood reported in Volume 3 of his Sunan (3462) from the Hadeeth of ‘Abdullaah ibn ‘Umar (صلى الله عليه وسلم) that the Messenger of Allaah (صلى الله عليه وسلم) said:

إذا تبايعتم بالعينة وأخذتم أذناب البقر ورضيتم بالزرع وتركتم الجهاد سلط الله عليكم ذلا لا ينزعه حتى ترجعوا إلى دينكم

((If you follow the interest-based transactions and hold firm to the tails of the cows, and are pleased with cultivation and left the Jihaad in the path of Allaah, the Humiliation of Allaah will be put upon you, and it will not be removed until you return to your religion))

And do not fear Poverty! Do you not know that Allaah is ar-Razzaaq?

Allaah says in Surah at-Talaq verse 2:

((And whoever Fears Allaah, He will make a way out for him and provide for him in ways he does not expect))

ash-Shaafi'ee said:

عليك بتقوى الله ان كنت غافلاً ....... يأتيك بالارزاق من حيث لاتدري

فكيف تخاف الفقر والله رازق ......... فقد رزق الطير والحوت في البحر

ومن ظن ان الرزق يأتي بقوة .........ما أكل العصفور شيئاً مع النسر

تزول عن الدنيا فإنك لاتدري ......... اذا جنّ عليك الليل هل تعش الى الفجر

فكم من صحيح مات من غير علّة ....... وكم من سقيم عاش حيناً من الدهر

وكم من فتى أمسى واصبح ضاحكاً ........ وأكفانه في الغيب تنسج وهو لايدري

فمــن عـاش ألفاً وألفين ........فـلابد من يوم يسـير الى القبر

Upon you is the Taqwa of Allaah if you are heedless..... He brings you provisions from where you do not know

So how do you fear poverty and Allaah is the Provider..... And he has provided for the birds and the fish in the sea

So whoever thinks that the provisions come with power..... Then the sparrow does not eat anything with the eagle

Then decrease from the Dunya for you do not know..... If the night comes to you will you stay until the sunrise

For how man healthy ones died without any disease..... And how many sick ones lived for a long age

So how many of the young men become and grow up laughing..... And he was sufficed with the unknown from harm and he did not know

So who has lived one thousand or two thousand..... then no doubt one day he'll walk to the Grave

Answer 2

most muslims say its not interest if they call it rent on the money.

Answer 3

Depositing money in the bank in return for interest is riba (usury), which is a major sin. Allaah says (interpretation of the meaning):

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

279. 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 (by receiving less than your capital sums)”

[al-Baqarah 2:278-279]

If a Muslim is forced to put his money in the bank, because he cannot find any other means of keeping his money safe apart from putting it in the bank, then there is no sin in that, in sha Allaah, subject to two conditions:

1-     That he does not take any interest in return

2-     That the bank does not deal only with interest, rather it should have some other activities that are permissible in which it invests the money deposited. See questions no. 22392 and 49677

It is not permissible to make use of the interest (riba) which the banks pay to their customers. They must get rid of it by donating it to charitable causes.

The Scholars of the Standing Committee for Issuing Fatwas said:  

The interest which the banks pay to depositors on the money that they deposit in them is regarded as riba (usury). It is not permissible to make use of this interest, and the customer must repent to Allaah from depositing his money in riba-based banks. He should withdraw the money that he deposited and the interest, keep the original amount and donate the extra to charity, to the poor and needy or for renovating public facilities etc.

Fataawa Islamiyyah, 2/404

And Shaykh ‘Abd al-‘Azeez ibn Baaz (may Allaah have mercy on him) said:

With regard to the interest that the bank gives to you, do not give it back to the bank and do not keep it, rather spend it on charitable causes such as giving it to the poor, renovating public washrooms, helping debtors who are unable to pay off their loans, etc.

Fataawa Islamiyyah, 2/407  

you can find more help and information in the islamic site, address your questions to someone with IFTAA to help you better than regular people who will advice you from thier own judgment

Answer 4

I mean,I just can not understand this,you all are worry about getting some interest from a bank,meanwhile it is ok to kill,duhhhhhhh.

Answer 5

Terminate the Saving Account & open a "Current Account ".

Answer 6

i PM you already

like i said

you can ask your bank to cancel the money interest- and the banks will love your money interest

i answered this question personally to avoid the "do it or else you will go to h**l that other muslims seem to dig up opinions to prove"

i did it privately because i didnt have reference to the generations of ulemma who would have answered this question on what you ought to be doing

islam is not simply "this is the solution go do it"

you have more concerns than the interest issue and that is evident in your question

for now, know that if you are to leave something haram, makruh or doubtful, you will get a reward for it, and Allah will replace what you give up from a source you would never have even imagined!

Answer 7

Just keep the interest.I dont believe its wrong afterall the bank gave it to you not you begged for it or stole it.

Don't worry too much just live your life about going to h**l too much its totally backward and lame.You are too brainwashed think like a modern human being and not an extremist I assume you live in a modern country so start being a modern person.

Answer 8

Salaaaaam

take a look at these

1.surah baqrah 2 ayah no 275

Those who swallow usury cannot rise up save as he ariseth whom the devil hath prostrated by (his) touch.

2. surah baqrah2 ayah no 278 and 279

O ye who believe! fear Allah and give up what remains of your demand for usury, if ye are indeed believers. (278) If ye do it not, take notice of war from Allah and His Messenger: but if ye repent ye shall have your capital sums; deal not unjustly and ye shall not be dealt with unjustly

solution:Take ur money, cut off all the intrest and give it to the as charity

now for your university!

take a non-intrest loan and if u have the nyyah (intention) you WILL be able to return it because The Prophet(PBUH) said so

--------------------------------------...

@saudi hotgirl

for u it does not matter heaven or h**l

for u what matters is to abolish the Islamic culture and start blindly  following the westren culture ( I wonder if u r a saudi)

call me extremist , backwards or any thing i dont care.

my job is to try to conway the right of what i know

EDIT@tom

yeah!that is the defination of intrest "rent on money"

Answer 9

sister, earning even a single dollar under the name of interest is haram. your knowledge which you will get by studying with the interest money may remain in this world but what will go with you as your deeds to the other world is whether u have used interest money or not.this matters more and most.

You can change your saving account to current (checking) account. you can repent, ask Allah for the forgiveness and the additional amount which u have gained as interest,give them to poor or leave it with the bank.remember, giving interest money to poor doesnt add to yoru rewards, so no need of having an intention of helping poor coz a muslim help is not considered as a help if the money is haram and interest is haram.

If there is no way out, study anything which u could afford, this world has an end, think about the other world as well~!

Rest Allah knows the best~!