AskImamDarul Iftaa Mahmudiyyah (AskImam)

I would like to know if I can pay off the interest of my mortgage with interest received from my savings account?

Fatwa 6677English
Finance and Commerce

Question

The question text was not published separately; the title stands in for it.

I would like to know if I can pay off the interest of my mortgage with interest received from my savings account?

Answer

Interest monies must be given to the poor and needy who are eligible to accept Zakaat without the intention of reward. However, interest received from government institutes, eg. post office 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.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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