As-Salamu `alaykum. My question concerns interest or Riba. What shall I do with the interest I earn from the banks in India? I am not using it for my personal use, so should I just leave it for the bank or can I use it for some other purposes? Secondly, for most of the things like a house, car or motorcycle you have to take a loan. Is that permissible?
As-salamu `alaykum. Suppose that I have a bank where I save my money. The problem is that they put interest money into my account. I know to receive or give interest is forbidden in Islam, but I know that I can take out the money and use it for other purposes. I believe I can't donate to the mosque, but please confirm this. Can I give it to the following: (1) orphanage school, (2) p oor people, (3) a person who is indebted? Can I add some of my own money to the interest money to feed the poor? What if the interest money is so much that I can feed 100 poor people—can I use it for that purpose? The reason I don't want to give them in cash is because I have the fear that they might use it for the wrong purpose.
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.