“O you who believe! Fear Allah and give up what remains of your
demand for usury if you are indeed believers. If you don’t, take notice
of war from Allah and His messenger. But if you turn back, you shall
have your capital sums. Deal not unjustly and you shall not be dealt
with unjustly.” - Surah Al-Baqarah, Verse 278-279
Islam prohibits the taking and giving of interest. This presents
problems in non-Islamic economic systems that are built on interest
based finance.
But what should one do about the unsolicited interest accumulated in one’s own bank account? This moral question is one that confronts many of us.
Since it is not permissible to utilise interest for one’s own benefit
one should give it to charity. Although there is no religious reward
for doing so it at least disposes of the haram funds in a
shariah-compliant way.
Included under this broad heading are earnings generated by not only the
sales of haram items, but also halal items acquired though haram means
such as lying to get welfare benefits or short-measuring customers.
Here the method
of disposal is to return items to the rightful owners. If this is not
possible because the owner is not known or any other legitimate reason,
then the method of disposal is the same as that of interest money.
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