Interest received on savings account with bank

Question:

Assalamu Alaykum dear shaykh,

In what ways can we use the money received as interest on a savings account with bank. As it is haram to use that money for personal use, can we do something with that money for some other purpose rather than retaining it with the bank? PLease advise.

Jazakallah Khair

Answer:

wa `alaykum salam,

See the Post: Fixed-Rate Interest-bearing Bank Account

Staff

About Staff Dar al-Iftaa Al-Missriyyah

Dar al-Ifta al Misriyyah, (Center for Religious Verdicts of Egypt) is considered among the pioneering foundations for fatwa in the Islamic world.It has been the premier institute to represent Islam and the international flagship for Islamic legal research. It fulfills its historic and civil role by keeping contemporary Muslim in touch with religious principles, clarifying the right way, removing doubts concerning religious and worldly life, and revealing religious laws for new issues of contemporary life.
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