What is done with the interest taken from banks
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Fatwa number ( 16576 )
Q: A man has a large amount of usurious interest—may Allah purify us and protect us and the Muslims from it. Is it permissible for him to place it in charitable projects, such as building Islamic colleges and Qur'an memorization schools specifically, and other charitable projects in general? Is building mosques with it forbidden, disliked, or contrary to what is best? Please inform us, may Allah increase you in knowledge and insight.
A: Usurious interest is forbidden among wealth. Allah the Exalted said:[Al-Baqarah 2:275] , and whoever comes into possession of any of it must dispose of it by spending it on what benefits the Muslims, such as building roads, constructing schools, and giving it to the poor. As for mosques, they are not to be built with usurious wealth, and it is not permissible for a person to proceed to take interest or to continue taking it.
Q: A man has a large amount of usurious interest—may Allah purify us and protect us and the Muslims from it. Is it permissible for him to place it in charitable projects, such as building Islamic colleges and Qur'an memorization schools specifically, and other charitable projects in general? Is building mosques with it forbidden, disliked, or contrary to what is best? Please inform us, may Allah increase you in knowledge and insight.
A: Usurious interest is forbidden among wealth. Allah the Exalted said:
But Allah has permitted trade and has forbidden interest
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.