Friday, 8 December 2006

How To Dispose Unwanted Interest Money

Interest monies must be given to the poor and needy who are eligible to accept Zakaat, and this must be done without the intention of attaining reward from Allah SWT.

However, interest received from government institutes (if this exists), could be used to offset government taxes.

Interest received from private banks cannot be used to offset taxes. It may be used to offset interest charged from the same bank.

It is not permissible to use interest monies for what is known as noble purposes e.g. paving the carpark area of a mosque, building a school for orphans etc.

As soon as A Muslim attains Hidayat to understand the seriousness of the Major Sin of Interest, the next immediate thing is to know how to dispose this unlawful money correctly according to the laws defined in Shari'ah.

Beyond the scope and categories marked above, one should consult reliable, Allah-fearing Ulama who will InshaAllah guide to the best ways to go about things - so that things be most beneficial for this World, as well as Aakhirah.

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