interest

Recipient of Zakaat using interest accumulated in his account

Question: 

If there is accumulated interest in a Zakaat account, then can we leave it there and continue using all the funds as per Zakaat eligibility because the recipients are the same or do we have to remove the interest all the time?

Also, if a person himself is Zakaat eligible and he has accumulated interest in his bank account,   can he himself use that money? 


Answer: 

Interest to pay debt due to fraud

Question: 

If one had an fraud online transaction on ones credit card. Immediately informed the bank and blocked the card. The Bank now wants me to pay back this amount which was fraudulently taken under my name.

Can one pay this amount with Interest received from various different private banks or government banks?


Answer: 

Disposing of interest

Question: 

I have retired recently and had stopped all my policies I had taken out years ago. I have calculated the capital amount I had actually paid/ contributed all the years and kept that as my personal invested money. The rest I considered as interest as they were unable to verify with certainty where my money was invested.

I now sit with a huge amount of interest which I want to dispose of as follows, but need guidance on whether I am doing it correctly I.t.o. sharia:

Interest money to pay traffic fines

Question: 

Can I use interest money to pay off traffic fines? 


Answer: 

No, it is not permissible to use interest money to pay off traffic fines.1

AND ALLAH TA’AALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST

ANSWERED BY: Yusuf Nana 

CHECKED AND APPROVED BY: Mufti Muhammed Saeed Motara Saheb D.B. 

Islamic Date:7 جمادى الأخرى 1441 

ebucks

Question: 

I have an FNB interest free account. I wanted to know if it is permissible to use the e bucks that we receive on the account.


Answer: 

Where can interest funds be used?

Question: 

In which avenues is it permissible to utilize interest funds? 

Answer: 
Money that is received from interest is Haraam in Islaam. That money must be given back to the owner. Allah says in the Quraan in Ayah 275 of Surah Baqarah:
وَأَحَلَّ اللََُّّ الْبَيْعَ وَحَرَّمَ ال رِ ب
Allah Ta'aala has permitted trade and has forbidden interest.

Distributing interest money, money accrued from aninvestment, and old clothes to heirs

Question: 

1) There
was some interest monies in the bank accounts of the deceased. Does that become
part of her estate when distributing the shares? There is one minor amongst the
heirs.  What happens to the interest monies that accrues in her account
after her demise till we close the accounts and distribute? 

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