Title: Intrest from Bank

Question: I have my current account in Kotak Bank. Normally banks don't pay interest to current account holders. But Kotak Bank gives an option to receive interest on current account. If I don't opt they won’t pay. Now with the intention to receive the interest and spend it to the needy people is it right to opt?

Answer ID: 160549Posted on: Sep 1, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 802/706/N=8/1439)

According to Shariah, it is also unlawful and haram to take interest with the intention of spending on poor and needy ones. It is as if someone gambles and makes intention that he would spend it on poor and needy people. So if you are not legally bound and it is not mandatory for you to opt interest in Kotak current bank then it shall also not be lawful for you to adopt the option of interest with the intention of supporting the poor and needy ones.

قال الله تعالى: وأحل الله البيع وحرم الربا الآية (البقرة: 275)، عن جابر بن عبدالله رضي الله عنهما قال: لعن رسول الله صلى الله عليه وسلم آكل الربوا ومؤكله وكاتبه وشاهديه، وقال: هم سواء (الصحيح لمسلم، 2: 72، ط: المكتبة الأشرفية ديوبند)، الربا فضل خال عن عوض بمعيار شرعي مشروط لأحد المتعاقدين في المعاوضة (تنوير الأبصار مع الدر والرد، كتاب البيوع، باب الرباء 7: 398-400، ط: مكتبة زكريا ديوبند)