what can we do with these funds?

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Date: Saturday, December 10, 2011

 

Category

Money Matters

Title

 

what can we do with these funds?

Question

 

We have much accumulated interest funds that we have unintentionally received from the banks. We know that in our community there a lot of people who are struggling with day to day survival and are turning to the banks for loans based on interest. Some of these brothers are genuinely stuck and are in need of help for them to get out of this vicious circle of interest.

 

Could we help these brothers to pay off their interest element to the banks with the interest funds we have from the banks? We would give them this amount as a loan and instead of paying the banks they could pay us back without charging any interest over a long term basis.

 

 

 

If the above would be acceptable, could we roll the funds once we receive re-payments from the ones we helped and help others who are in similar predicaments?

 

 

 

Could we help them in general terms with these funds?

 

 

 

We would do all the above purely on humanitarian grounds without the intention of reward.

 

 

 

If nothing of the above is workable, what can we do with these funds? Can we build security fences at Masjids and Madressas or toilets?

 

 

Answer

 

Muhtaram / Muhtaramah

 

In the Name of Allāh, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.

 

  1. No, you may not give these funds as loans to those who are in need. If they are genuinely poor, you may give them these funds without intention of reward. Haraam money must be disposed off by giving it to the poor.
  2. Why do you want to use Haraam money for the Musjid and Madrasah? Use Halaal money for this purpose.

 

 

And Allah knows best
Darul Iftaa

Madrasah Inaa’miyyah

 

 

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