What to do with Interest Money - One Stop Solution (CHENNAI)

[Seyed Ismail]

Dear brothers,

A new noble effort in our State, Tamilnadu, by a group of service-oriented well-wishers of our community.

Pls let us help & support the cause by spreading this news plus diverting our bank interests from the accounts to the needys.

 -ISMAIL/Dmm-

----- Forwarded Message -----

From: Imtiaz Ahamed <lks.i...@gmail.com>
To: Seyed Ismail Kaaka <seyed_...@yahoo.com> 

IN THE NAME OF ALLAH, THE MOST GRACIOUS , THE MOST MERCIFUL !

WHAT  TO  DO  WITH  INTEREST  MONEY  IN  OUR  BANK  ACCOUNT ?

CAN  WE  WITHDRAW  IT  AND  GIVE  IT  TO  SOME  MUSLIM  POOR  PERSON ?

SHOULD  THIS  MONEY  BE  GIVEN  ONLY  TO  NON  MUSLIMS ?

IS  IT  HARAAM  TO  EVEN  WITHDRAW  THAT  MONEY,  SINCE  IT  IS  INTEREST ?

WILL  IT  BE  APPROPRIATE  TO  LEAVE  THIS  INTEREST  MONEY  AS  IT  IS ?

WHAT  ARE  THE  SHARIA  FATWAS  REGARDING  THIS  ISSUE ?

ABOVE  ALL , 

WHO  WILL  TAKE  THE  EFFORTS  TO  PRACTICALLY  RESOLVE  THIS  ISSUE  ACCORDING  TO  ISLAMIC  SHARIA  PRINCIPLES ? 

Well, these are some of the questions that would be Running in the Minds of Moumeens !

AL HAMDHU LILLAH !

The One Stop Solution is Now Available : " SERVE  ALL  FOUNDATION " ( S A F ) 

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Fatawa Issuing Body :  Islam Online

Author/Scholar :    Sheikh Ahmad Kutty

Date Of Issue :       03/Mar/2005

Question:

Dear scholars, As-Salamu `alaykum. I want to know about the interest that the bank gives us when we deposit money. Is it considered haram? If so, what should we do with the interest we get from the bank? Jazakum Allah khayran. 

Answer:

Wa `alaykum As-Salamu wa Rahmatullahi wa Barakatuh. 

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

All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. 

Dear questioner, we would like to thank you for the great confidence you place in us, and we implore Allah Almighty to help us serve His cause and render our work for His Sake. 

Interest (riba) is forbidden in Islam. 

Scholars have given fatwas that interest money paid by banks should be withdrawn and given to some charitable purpose. 

One should not use it for one's own expenses, and it is not considered in the payment of one's Zakah. 

Thus, one is allowed to give charity out of bank interest but will not be rewarded for it as an act of charity. Rather, one will be rewarded in sha’ Allah for an act of repentance and for cleansing one’s money from haram sources. 

The Shari`ah position is that earned interest is not earned, but it is still owned by the payer. 

But since the payer is a bank whose business is to give loans on interest, you must not return it to the payer, as such an action increases the evil of interest and empowers the evil doers. 

Thus, you need to dispose of this interest money by giving it to some Muslim charitable purposes to keep your own money clean. 

In his response to your question, Sheikh Ahmad Kutty, a senior lecturer and Islamic scholar at the Islamic Institute of Toronto, Ontario, Canada, states: 

Since interest money is considered haram (unlawful) in Islam, you are not supposed to use it either on yourself or on those who are considered your dependents. 

On the other hand, you are also not supposed to leave the interest thus accumulated to the bank either, for to do so is akin to fattening an institution that thrives on interest. 

Therefore, the only permissible option left to consider for you is to take out the amount thus accumulated and give it all away to public charities such as hospitals, orphanages, refugees, and welfare. 

By doing so you have discharged your obligation and you are absolved of any sin or guilt, in sha’ Allah.

Allah Almighty Knows Best ! 

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SERVE ALL FOUNDATION is a Registered Charitable Trust , 

formed MAINLY with these OBJECTIVES : 

A) Collecting the Interest Money lying in the Individual Muslim Bank accounts ;

B) Using this Total Money in a COLLECTIVE MANNER for the Poor and Needy

WITHOUT  SEEKING  ANY  REWARD  FROM  ALLAH ( Swt ) 

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WHAT  IS  THE  NEED  NOW for SUCH  A  TRUST ? 

According to a Reserve Bank of India ( RBI ) report published in leading Newspapers, 

THOUSANDS  OF  CRORES   of  INTEREST  MONEY  is lying IDLE in millions of Individual Muslim Bank accounts, accumulated over the past 30 years and this amount is GROWING at 10% ---15% every year.

Many Muslim Scholars, Politicians, Economists have Stressed the NEED TO USE THESE FUNDS FOR THE WELFARE OF THE POOR AND NEEDY !

With this Primary Motive to Serve All the people, a Collective Effort was taken and a Trust was formed to PRACTICALLY  IMPLEMENT  THIS  CAUSE !

Some individuals are giving away such money to their known people...

Some organisations are doing such activities on ad-hoc basis...

SERVE  ALL  FOUNDATION  in Chennai, is  the  First  Step  to  Combine  all  such  individuals , organisations from 

ALL SIDES OF OUR MUSLIM COMMUNITY to carry out the Objectives in UNITY !

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WHAT ARE THE EFFORTS TAKEN ACCORDING TO SHARIA COMPLIANCE ?

Before all the Trustees could be invited for a MASHWRA on 20.04.2013, 

a group of 20 persons took the following steps to collect the AUTHENTIC FATWAS from : 

(1) Darul Uloom, Deoband    (2) al-Azhar University, Cairo, Egypt 

(3) Islamic Fiqh Academy - Makkah  (4) ISLAM ONLINE - Sheikh. AHMAD KUTTY, Canada

(5) Mubarack Salafy Madani - Sri Lanka

and many more School of Thoughts.

ALL FATWAS CLEARLY MENTIONED THE NEED TO GET RID OF SUCH INTEREST MONEY 

HENCE based on these Fatwas, WE DECIDED TO START THE TRUST : 

SERVE ALL FOUNDATION in Chennai.

This Trust has its SHARIA PANEL comprising PROMINENT SHARIA SCHOLARS who will be regularly Consulted about the Sharia compliance .

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WHO  ARE  THE  TRUSTEES  ? 

1. CHAIRMAN:

JANAB. S. AHAMED MEERAN​THE PROFESSIONAL COURIERS​​

​

2. VICE  CHAIRMAN:

JANAB. A. MOHAMED ASHRAF​HABEEB TANNING COMPANY​​

 

3. SECRETARY:

JANAB. S. IMTIAZ AHAMED​      L.K.S. GOLD PARADISE, CATHEDRAL ROAD

  

4. JOINT  SECRETARY:

JANAB. IMRAN HUSAIN​     ​RETIRED  BUSINESSMAN

 

5. TREASURER:

JANAB. M. AVAIS MUSVEE       CONCORDE  TEXTILES​​​

​​​​​​​

6. JOINT TREASURER:

JANAB. T.C. MOHAMED RIAZ​    TIMBER  BUSINESS​​​​

7. BOARD MEMBER:

JANAB. A.S. ABDUL BASITH​       SALMA  LEATHERS  

  

8. BOARD MEMBER:

JANAB. S. IBNU SOUD      ​TAYSEER CONSULTANT (P) LTD​​

  

9. BOARD MEMBER:

JANAB. MOHAMED AHMED​​AMSON FURNITURES 

10. BOARD MEMBER:

JANAB. MOHAMMED  A.  AFZAL​PARVEEN TRAVELS INDIA (P)LTD​

 

11. BOARD MEMBER:

JANAB.  A.K. MOHAMMED HANIFA     APOLLO  WATERS

 

12. TRUSTEE :

DR.A.M.SALAHUDDIN SECRETARY , ANJUMAN 

13. TRUSTEE :

JANAB. C. ABDUL MALICK​ AUDITOR ,  MALICK NIYAZ & CO​​

14. TRUSTEE : 

JANAB. M. ABDUL  JABBAR​ SECRETARY, KEELAKARAI WELFARE ASSOCIATION

15. TRUSTEE :

JANAB. M.S. TAJUDEEN​        SEAPORT LOGISTICS (P) LTD​​

 16. TRUSTEE :

JANAB. H. ABDUR RAQEEB​  Convenor, National Committee on Islamic Banking

                        General Secretary, Indian Centre for Islamic Finance ​​​

17. TRUSTEE :

JANAB. S.M. ABDUR RAHEEM PATEL    SEC.ALL INDIA MILLI COUNCIL,TN ​​​

 18. TRUSTEE :

JANAB.  M.P. ASHRAF​​​     INDIAN TIMBER IND (P) LTD​

19. TRUSTEE :

JANAB. JAMAL MOHAMED EBRAHIM     PARTNER: GOWNER BEEDI​

      ( RIZWAN )

20. TRUSTEE :

JANAB. UMMER​​​​​   PARTNER: ORCHID SHOES​

21. TRUSTEE :

JANAB. M.H. JAWAHIRULLAH​           MLA  , RAMANATHAPURAM​

 

22. TRUSTEE :

JANAB. KAR. SYED ​​​     ​DIAMOND PUBLICITIES (P)LTD​

23. TRUSTEE :

JANAB. N.BASHEER AHAMED​​    UCMAS INDIA (P) LTD​​

 24. TRUSTEE :

JANAB. M.K.E.  UMMER ABDUL CADER   BUSINESS​​​​

 

25. TRUSTEE :

JANAB. S.S. AHAMED RIFFAI​​      AUDITOR : RIFFAI & CO​​

26. TRUSTEE :

JANAB. B.N. KHAISER​​​   ​V.M. BUS SERVICES​​​

 27. TRUSTEE :

JANAB.  M.H. JIFFRI KASIM​​          ASIATIC TRADING COMPANY​

 28. TRUSTEE :

JANAB. ABDUL HAMEED KHAN​​   WATER WORKS , ALLIED CERAMIC​

​

 29. TRUSTEE :

JANAB. MOHAMED IMTIAZ​​​    ENKAYEM  TIMBERS​​

30. TRUSTEE ;

JANAB. OMAR JAMEER​​​         ENKAYEM  TIMBERS​​

31. TRUSTEE :

JANAB. K. ANEES AHAMED​      ​    PARTNER : KAMIL LEATHERS​

32. TRUSTEE :

JANAB. M. SYED ABU THAHIR​​     DIRECTOR: FISHERMAN FARE​

33. TRUSTEE :

JANAB. K.NAVAS KANI​​​      MANAGING DIRECTOR, ST COURIER​​​

34. TRUSTEE :

JANAB. V.P. NAIMUR RAHMAN​        NADEEM LEATHERWARE EXPORTS​

35. TRUSTEE :

JANAB. A.MOHAMED ELYAS SAIT           WHITE HOUSE  ​​​​​​​

36. TRUSTEE :

JANAB. MANDI MOHAMED ASLAM​  AIRGO  LOGISTICS​​​

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WHAT  ARE  THE  OBJECTIVES  OF  THIS  TRUST ?

a) To Provide MEDICAL FACILITIES to the POOR and NEEDY who are suffering from Chronic Diseases, such as Cancer, Kidney Treatment, Heart Problems, Handicapped, Emergency Operations, etc.

b) To Provide EDUCATIONAL SCHOLARSHIP to the Poor and Deserving Students.

c) To Provide FINANCIAL HELP to the Poor and Needy who are in DEBT , to RELIEVE THEM FROM SUCH DEBTS.

d) To Provide SANITATION FACILITIES for the Poor and Needy Families, especially in the RURAL AREAS, which lack this BASIC FACILITY.

e) To SUPPORT by Way of Legal Help to the INNOCENT PERSONS who are in JAIL 

and VICTIMS of Riots / War : to pay the Lawyers' Fees for their cases, 

to provide their FAMILY with FINANCIAL SUPPORT.

f) To Provide RELIEF AID and REHABILITATION of Victims during NATURAL CALAMITIES, such as Earthquakes, Floods, Tsunami, Fire Accidents, etc.

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HOW CAN YOU SUPPORT THIS TRUST ?

A) You can spread this UNITED COLLECTIVE concept to your known Muslim Circle, and help us with your suggestions .

B) You can Send your Interest Money lying in the Bank Account ; you can request your Family Members, Friends to do the same.

 ( if you do not want to disclose any name, the Trust shall NOT DISCLOSE any name )

C) You can recommend Appropriate Beneficiaries 

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INSHA ALLAH,

WE  WILL  WORK  TOGETHER

AND

WE  WILL  GROW  TOGETHER !

MAY  ALLAH  GUIDE  US  IN  THE  RIGHT  PATH  ALWAYS 

AND  BLESS  OUR  UNITED  EFFORTS  WITH  SUCCESS !

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For any Doubts, Clarifications, Explanations, etc. please contact me.

INSHA ALLAH, I will do my best in this regard.

Jazakallah Khair !

Affectionately,

Br. LKS. Imtiaz

Hony. Secretary

SERVE ALL FOUNDATION