Shaykh ‘Abd al-‘Azeez ibn Baaz (may Allah have mercy on him) said: “With regard to the interest that the bank has given to you, do not give it back to the bank and do not consume it yourself; rather spend it on charitable causes, such as giving it to the poor, repairing public washrooms, and helping debtors who are unable to pay off their debts.” Fataawa Islamiyyah (2/407).
Interest is forbidden as it is a socially unjust mechanism for lending money. It benefits the rich to the detriment of the poor and also does not involve any investment risk for the lending party.
If one has interest money from a bank account or elsewhere, many scholars recommend this money is given to a charitable cause with the understanding that one will not receive any reward for the donation. The money should be used by the charitable organisation to help the poor and needy, but is not to be used for certain projects such as the construction of mosques or the printing of Quran.
Yes, you can. We will use your money to support our work helping save lives of the poor and needy, but will not use it on projects where interest should not be spent, such as the construction of mosques.
You can donate your interest online or over the phone 0333 305 5000. Please ensure that you select “Interest Money” as the donation type so that we may spend your money correctly.