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Madinat al-Muslimeen Islamic Message Board
| How to use interest money |
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| Ember |
| 02/16/05 at 12:52:40 |
| [slm] What do you guys do with the money that comes off as interest from your bank. Whom should I give it to??? I know the build toilets or oads deal. But WHO can I actually give it to in N.America??? Should I give it to the masjid and specify that it is interest money so they should use it accordingly??? What do you guys do??? [] [] [] |
| Re: How to use interest money |
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| Brother_Suleyman |
| 02/16/05 at 15:49:45 |
| [quote author=Ember link=board=lighthouse;num=1108576360;start=0#0 date=02/16/05 at 12:52:40] [slm] What do you guys do with the money that comes off as interest from your bank. Whom should I give it to??? I know the build toilets or oads deal. But WHO can I actually give it to in N.America??? Should I give it to the masjid and specify that it is interest money so they should use it accordingly??? What do you guys do??? [] [] [][/quote] Es_Selam'un Aleykum ve Rahmetullahi Berakatuh, Sister,first you should cut the source of your money going to interest banking system then no interest will come.Interest money is the worst illness can a muslim have,so dangerous... I am working in an world's biggest islamic bank's Int'l Division;so much differences between islamic banking and interest banking...Please search in the Qur'an for the ayats about interest...may be,one day, we will discuss;insh'Allah... A brother who ate interset money till emabracing with islam and still sees it's effects in his life.... |
| 02/16/05 at 15:52:19 |
| Brother_Suleyman |
| Re: How to use interest money |
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| Ember |
| 02/16/05 at 16:10:57 |
| [slm] At present I do not know of any islamic banks in my city. Unfortunately, I have not tried anywhere else. I should. I want to seperate the money that comes in, denoted by my bank, as 'interest'. I know that in Saudi Arabia, where there is a lot of Islamic banks etc, they still (somehow) accumulate interest and they used to use it for building toilets etc. I want to do something similar, on a small scale. As for Islamic banking. I did look into the system. In the end is it completely interest 'free'??? Most bankers I spoke to say that it has been dabbled in interest at some point. Even mutual funds, that Islamic banking approves of is ultimately invested in companies that invest in interest. I've read some on this but not enough to comment much but I don't want to sound like I am ungrateful to those who have tried to set up Islamic banks. Some effort is better than none, we should be appreciative. I am not rich or anything :) so I don't have too many requirements from a bank except to store my meager earnings. I've heard that Islamic banks charge a fee for this purpose , is this true? Any ideas on how to use Islamic banks in a convenient manner??? |
| Re: How to use interest money |
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| Kathy |
| 02/17/05 at 08:51:43 |
| [slm] For years, our credit union did not pay interest. Then as a 'benefit' it began. Its not like we have a lot of money, but if you get a paycheck in your account and haven't paid your bills you get zapped! We tried working with them, explaining our position, but they could not do anything about it. So I take my son, gotta teach him our ways, to the bank when we are 'given' interest and withdraw the money. We then leave it right there on the counter and reiterate that we do not want it. I do not take it and buy toilet paper because I am hoping by doing this over and over, that eventually they will find a means to rig their computers not to give interest. |
| Re: How to use interest money |
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| Ember |
| 02/17/05 at 09:09:56 |
| [slm] Smart move kathy. I am going to try that P.S could I buy toilet paper and give it to other people? ;) (just kidding) |
| Re: How to use interest money |
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| jannah |
| 02/18/05 at 14:47:23 |
| [wlm] In this day and age no-one should be taking interests from banks. Many banks have interest-free checking, or regular checking accounts that accrue no interest. Most of the time if you go there and say I don't want interest, they'll say ok fine...they're probably happy cause they're keeping the money for themselves. Anyhow, look into the options, if the bank you are at won't help you, just go somewhere else, national banks like charter and hsbc can help you better maybe. Even if they're not in your area you'll still be able to get checks and a debit card without interest. But seriously don't be like those people who are like 'oh well i guess i have to take interest' because it is a serious major sin in islam, so we should not be passive about it. Look into all the alternatives. Not only is it a sin but it affects other things like our duas being accepted and so on. As for what to do with interest money scholars vary. I've never heard of that toilet thing? but they say that the money should go for infastructure type things.. roads and highways, rest-stops, buildings things like that. That interest money gets you no reward at all and they say it's not good to use it for zakat or building mosques... If you have interest money you can go to your local Imam and ask him what to do with it. Banks that claim to be "Islamic banks" are for the most part interest free. There are some banks that claim they have fatwas to take interest but that's a whole other story... Islamic banks have other ways of working out the fees and so on. You may have to pay some fees, but that's better than taking interest. And true in the world we live in which is completely based on interest, eventually our money mixes with interest money.. but the relationship becomes far enough to keep us halal and that should be our goal. |
| Re: How to use interest money |
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| Ember |
| 02/18/05 at 15:31:06 |
| [slm] I agree that checking accounts are usually quite safe but savings accounts are not. This is where I run into problem. When I said about the toilets and things, I meant that the money is used for non masjid or sqadaqah related things. In Saudi Arabia they use it to build public toilets and stuff. I really need a bank close to me but like you said I might shop around to see what the banks in my neighborhood offer. |
| Re: How to use interest money |
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| tq |
| 02/22/05 at 12:17:01 |
| Assalamo elikuim I agree with Sr.Jannah. The best way to do it is to just keep checking account. This is what basically what we have done, have two checking accounts and we consider one as our own saving account(with no interest) :) Wasalam tq |
| Re: How to use interest money |
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| bhaloo |
| 02/24/05 at 22:20:23 |
| [slm] I have a checking account and it has no interest. Even though the bank people always ask me why don't I and I always tell them no. A Muslim girl that works there understood when I told her no. She said her father did the same thing. |
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