What is done with the interest accruing to the owner of the deposited amount
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The second question of Fatwa No. ( 15259 )
Q2: I have a sum of money in one of the banks in my country (where I reside), and this bank gives me a fixed monthly interest. From my following of Your Eminence’s answers to similar questions, you have informed us that it is clear riba (usury or interest). So what must I do with the interest accruing to me from the deposited amount ? And I ask Your Eminence to clarify for us the nature of riba (usury or interest). May Allah reward you with good.
A2: As for the interest you took before knowing its prohibition, we hope that Allah will forgive you for that. As for what is after knowledge, it is obligatory for you to dispose of it and spend it in the causes of righteousness, such as charity for the poor and the mujahideen in the path of Allah, along with repentance to Allah (Glorified and Exalted is He) from dealing in riba (usury or interest) after knowledge; for Allah (Glorified and Exalted is He) said:[Al-Baqarah 2:275] .
Q2: I have a sum of money in one of the banks in my country (where I reside), and this bank gives me a fixed monthly interest. From my following of Your Eminence’s answers to similar questions, you have informed us that it is clear riba (usury or interest). So what must I do with the interest accruing to me from the deposited amount ? And I ask Your Eminence to clarify for us the nature of riba (usury or interest). May Allah reward you with good.
A2: As for the interest you took before knowing its prohibition, we hope that Allah will forgive you for that. As for what is after knowledge, it is obligatory for you to dispose of it and spend it in the causes of righteousness, such as charity for the poor and the mujahideen in the path of Allah, along with repentance to Allah (Glorified and Exalted is He) from dealing in riba (usury or interest) after knowledge; for Allah (Glorified and Exalted is He) said:
But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah. But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein.
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَنْ جَاءَهُ مَوْعِظَةٌ مِنْ رَبِّهِ فَانْتَهَى فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ وَمَنْ عَادَ فَأُولَئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.