Taking interest on the pretext of spending it on the poor
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The first question of Fatwa No. ( 18057 )
Q1: It is known, O honorable Shaykh, that banks in the world take the interest differential, which is the amount resulting from the lending interest, approximately 16% of the loan value, and the borrowing interest is approximately 8%. As for in the Kingdom, most people do not deal in riba, so their money is in the banks without compensation, whereas borrowing from these banks is for approximately 16% of the loan value. This led to an increase in the return rate of activity, and consequently, an increase in the number of banks. Is it permissible for me to take this percentage (the interest) and then spend it on my orphan brothers, or any charitable organization?
A1: It is not permissible to take riba interest from banks or others on the pretext that he will spend it on the poor; because Allah has forbidden riba absolutely, and He has intensified the warning regarding it, and charity from it is not permissible; because Allah is Good and does not accept except what is good. But if he has already taken the riba interest, he must spend it on the poor; to get rid of it
from it, and he has no right to benefit from it.
Q1: It is known, O honorable Shaykh, that banks in the world take the interest differential, which is the amount resulting from the lending interest, approximately 16% of the loan value, and the borrowing interest is approximately 8%. As for in the Kingdom, most people do not deal in riba, so their money is in the banks without compensation, whereas borrowing from these banks is for approximately 16% of the loan value. This led to an increase in the return rate of activity, and consequently, an increase in the number of banks. Is it permissible for me to take this percentage (the interest) and then spend it on my orphan brothers, or any charitable organization?
A1: It is not permissible to take riba interest from banks or others on the pretext that he will spend it on the poor; because Allah has forbidden riba absolutely, and He has intensified the warning regarding it, and charity from it is not permissible; because Allah is Good and does not accept except what is good. But if he has already taken the riba interest, he must spend it on the poor; to get rid of it
from it, and he has no right to benefit from it.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.