Accruing interest on purpose to give to the poor

Question

Assalam Walikum,

I understand that Interest money is Haram in Islam. However i want to know if it is permissible to deposit money in fixed deposit in bank where we gain interest with an intension to donate this monet to poor people. My intenion is only to help poor people with such interest money.

Muajul I. Chowdhury · Accepted Answer

In the Name of Allaah, the Most Gracious, the Most Merciful.

As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

Brother in Islaam,

Your intention is noble. However, it is important that we execute our good intentions according to the dictates of Shari’ah. Interest money is impure. It is not permissible to willingly accrue interest money or invest interest money to earn more and give it to the poor people. Interest money must be given away as soon as possible to the poor and needy without the intention of attaining reward[1].

And Allaah Ta’aala Knows Best.

Muajul I. Chowdhury

Student, Darul Iftaa

Astoria, New York, USA

Checked and Approved by,

Mufti Ebrahim Desai.

Question

Answer