Paying the riba (usury or interest) received in exchange for the riba (usury or interest) demanded by the bank
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Fatwa number ( 7209 )
Q: I deposited a sum of money in the bank and received riba (usury or interest) on it amounting to ten thousand Kenyan shillings (10,000). I did not use this riba (usury or interest) and left it as it was. I also took out a loan from the bank with riba (usury or interest), and they are now demanding payment of riba (usury or interest) amounting to ten thousand Kenyan shillings. Is it permissible for me to pay the riba (usury or interest) I received against the riba (usury or interest) I owe to the bank?
A: Depositing sums in an interest-based bank and taking interest on them is forbidden, and taking a loan from the bank with interest is forbidden. It is not permissible for you to pay what you received from the interest-based profits against the amount you deposited in the bank to settle the interest that became obligatory upon you due to borrowing a sum from the bank. Rather, it is obligatory for you to dispose of the interest you received on your amount by spending it in the causes of righteousness, such as for the poor and the needy, and for repairing public facilities and the like.
You must repent and seek forgiveness, and avoid dealing in riba (usury or interest), for it is one of the major sins. Fear Allah; for whoever fears Him, He will make his affairs easy for him.
Q: I deposited a sum of money in the bank and received riba (usury or interest) on it amounting to ten thousand Kenyan shillings (10,000). I did not use this riba (usury or interest) and left it as it was. I also took out a loan from the bank with riba (usury or interest), and they are now demanding payment of riba (usury or interest) amounting to ten thousand Kenyan shillings. Is it permissible for me to pay the riba (usury or interest) I received against the riba (usury or interest) I owe to the bank?
A: Depositing sums in an interest-based bank and taking interest on them is forbidden, and taking a loan from the bank with interest is forbidden. It is not permissible for you to pay what you received from the interest-based profits against the amount you deposited in the bank to settle the interest that became obligatory upon you due to borrowing a sum from the bank. Rather, it is obligatory for you to dispose of the interest you received on your amount by spending it in the causes of righteousness, such as for the poor and the needy, and for repairing public facilities and the like.
You must repent and seek forgiveness, and avoid dealing in riba (usury or interest), for it is one of the major sins. Fear Allah; for whoever fears Him, He will make his affairs easy for him.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.