I have money in my bank and receive interest. How do I dispose of it? Can I give it to a charitable organisations? Will this money be regarded as charity or something else?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
You should dispose of the interest money yourself as Sadaqah to the poor and needy or give it to a charitable organisation to give it to the poor and needy as sadaqah . This is not your personal sadaqah as it is haram money. You are simply getting rid of the haraam money by giving it to a deserving avenue .
If there is an interest free banking facility, you should opt for that.
And Allah Ta’āla Knows Best
Student Darul Iftaa
Checked and Approved by,
Mufti Ebrahim Desai