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Donate your interest today!

In Islam, the most common form of Riba is interest that is charged on borrowed money. This may be in the form of loans or deposits. The literal meaning of Riba in Arabic is ‘to exceed’, referring to the additional money which is added to that which has been borrowed.

Islam forbids interest (Riba), both receiving and paying it. Many of us can end up accumulating interest through our bank accounts even if we don’t want it, so what should we do with Interest money?

Since it is not permissible to utilise interest for one’s own benefit one should donate it to charity. Although there may be no religious reward for doing so, it disposes of the haram funds in a shariah-compliant way.

O you who believe! Fear Allah and give up what remains [due to you] of interest, if you are true believers.

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).