What is the ruling on dealing with the interest from riba-based banks?
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Question:
I deposited money in the bank, and after a year the bank sent me the statement, and there was an increase that I had not deposited. I am confused about this extra money beyond what I put in the bank: should I leave it for the bank owner, or what should I do with it, may Allah preserve you?
Answer:
This increase is riba, known to them as riba-based interest. The obligatory thing in such a case is not to deal with banks through riba, not a little, not a lot, not 5%, not 10%, not less, not more.
If you did not agree with them on riba and did not stipulate it for them, and the money came to you, spend it in the causes of good. This increase is for the poor and the needy, in some charitable projects, and your principal is sufficient for you.
As for agreeing with them, it is not permissible. Do not agree with them, saying: I stipulate riba and spend it. No, leave riba entirely. But if it happens that they paid you the money, or if you were lenient and took the money, then you repent to Allah; you spend it in the causes of good, and you do not eat it yourself, nor spend it on your needs, but you spend it in the causes of good, such as: some of the poor, such as: sending it to the Afghan mujahideen, such as: repairing roads, restrooms, and the like.
I deposited money in the bank, and after a year the bank sent me the statement, and there was an increase that I had not deposited. I am confused about this extra money beyond what I put in the bank: should I leave it for the bank owner, or what should I do with it, may Allah preserve you?
Answer:
This increase is riba, known to them as riba-based interest. The obligatory thing in such a case is not to deal with banks through riba, not a little, not a lot, not 5%, not 10%, not less, not more.
If you did not agree with them on riba and did not stipulate it for them, and the money came to you, spend it in the causes of good. This increase is for the poor and the needy, in some charitable projects, and your principal is sufficient for you.
As for agreeing with them, it is not permissible. Do not agree with them, saying: I stipulate riba and spend it. No, leave riba entirely. But if it happens that they paid you the money, or if you were lenient and took the money, then you repent to Allah; you spend it in the causes of good, and you do not eat it yourself, nor spend it on your needs, but you spend it in the causes of good, such as: some of the poor, such as: sending it to the Afghan mujahideen, such as: repairing roads, restrooms, and the like.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.