Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh.  (May Allah's Peace, Mercy and Blessings be upon all of you)

 

One of our brothers/sisters has asked this question:

Salama Alaikum

My question is brother I have Bank Account which I got there amount of money as a saving for me. At the end of each month they add for me same very small amount of interest. But if I close this Account and open an other one they will charge me every month $5 access fee. Therefore, the money I have in my account they are using every month in order them to make more money of it then they give me 5% the money they make out of it. So my question is is this Halal for me Jaza kuma laahu khayr. 

 

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Answer:

 

Small interest Halaal

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is no one (no idol, no person,  no grave, no prophet,  no imam,  no dai,  nobody!) worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

 

Allah says in the Holy Quran Chapter 2 Surah Baqarah verse 274-276:

But those who devour ‘riba’ become like the one whom Shaitaan has bewitched and maddened by his touch.   They have been condemned to this condition because they say,  “Trade is just like ‘riba”,  whereas Allah has made trade halaal and ‘riba’ haraam.   Henceforth,  if one abstains from taking ‘riba’ after receiving this admonition from his Lord,  no legal action shall be taken against him regarding the ‘riba’ he had devoured before:  his case shall ultimately go to Allah.   But if one repeats the same crime even after this,  he shall go to Hell,  where he shall abide for ever!   Allah deprives ‘riba’ of all blessing and develops charity,  and Allah does not like an ungrateful,  sinful person.

 

Allah says further in the Holy Quran Chapter 2 Surah Baqarah verse 278:

O Believers!,  fear Allah and give up that ‘riba’ which is still due to you,  if you are true believers.   But if you do not do so,  then you are warned of the declaration of war against you by Allah and His Messenger!

 

My dear and beloved brother in Islam, Allah and His Messenger (saws) have declared the consumption of ‘riba’ and interest as absolutely haraam and impermissible for the believers; thus regardless of whether the interest being received is US$5 million or US$0.05 cents, such an addition to one’s capital would be considered absolutely impure and haraam for the believers.

 

If you have absolutely no other option but to pay US$5.00 to stay away from involving yourself in interest, my dear and beloved brother, as your sincere well-wishers in Islam we assure you that it would indeed be a very small price to pay compared to the price one who devours or consumes any of the  haraam interest would have to pay in the Presence of the Lord Most High on an Inevitable Day.

 

Whether it is 1 cent or a million dollars, interest is interest; and the consumption of interest is absolutely forbidden for the believers who sincerely fear Allah and the Last Day.

 

Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me alone.  Allah Alone Knows Best and He is the Only Source of Strength.

 

Your brother and well wisher in Islam,

Burhan