What Should I Do About Interest In My Bank Accounts?

Answered by Shaykh Abdul-Rahim Reasat

Question

I have multiple bank accounts. Should I dispose of the interest by withdrawing the exact amount of interest money received from each bank where it came from? Or can I just withdraw the total amount of interest from one bank and dispose of it?

Answer

I pray you are well.

The best situation would be to amend your accounts so the bank does not deposit any interest there. If this isn’t possible you may remove the total amount of interest received, even if it’s from just one of the accounts, and give it to the poor or to a project that has a general public benefit. [Usmani, Fiqh al Buyu‘]

Do so with the intention of distancing yourself from what Allah hates, and ask for facilitation in this. You may also intend this as a step towards implementing the verse “Shun outward and inward sins.” [Quran, 6:120]

May Allah grant you the best of both worlds.
[Shaykh] Abdul-Rahim
Checked and Approved by Shaykh Faraz Rabbani

Shaykh Abdul-Rahim Reasat began his studies in Arabic Grammar and Morphology in 2005. After graduating with a degree in English and History he moved to Damascus in 2007 where, for 18 months, he studied with many erudite scholars. In late 2008 he moved to Amman, Jordan, where he continued his studies for the next six years in Sacred Law (fiqh), legal theory (Usul al-fiqh), theology, hadith methodology, hadith commentary, and Logic. He was also given licenses of mastery in the science of Quranic recital and he was able to study an extensive curriculum of Quranic sciences, tafsir, Arabic grammar, and Arabic eloquence.