Donate your interest
Islam forbids interest (Riba), both receiving and paying it. Find out about interest in Islam and how to donate the funds in a shariah-compliant way here.
What is Riba?
Interest is the monetary charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Islam prohibits the taking and giving of interest. This presents problems in non-Islamic economic systems that are built on interest based finance.
But what should one do about the unsolicited interest accumulated in one’s own bank account? This moral question is one that confronts many of us.
Since it is not permissible to utilise interest for one’s own benefit one should donate it to charity. Although there is no religious reward for doing so it at least disposes of the haram funds in a shariah-compliant way.
Riba is generally considered one of the major sins in Islam and explicitly discouraged in the Qur’an.
In this case, you can keep note of any interest earned and donate the money to charity in a Shariah-compliant way (for halal purposes).
Here at GHH, your donations help us save lives and are implemented in Shariah-compliant projects.