What is the ruling on money deposited in an interest-based bank for more than ten years without knowing the Sharia ruling?
Effort must be made to estimate what was spent and what remains of usurious interest. That which was spent out of ignorance of its unlawfulness carries no sin other than repentance, regret, and the firm resolve not to return to it; for Allah Almighty says: ﴿So whoever receives an admonition from his Lord and desists, then what has passed is for him, and his affair is committed to Allah. But whoever returns, those are the companions of the Fire; they will abide eternally therein﴾ [Al-Baqarah: 275]. As for what remains, it must be spent on charitable and benevolent causes, and it is not permissible to benefit from it; for Allah Almighty says: ﴿O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war from Allah and His Messenger. But if you repent, you may have your principal – [thus] you do no wrong, nor are you wronged﴾ [Al-Baqarah: 278-279].
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 37364
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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- Read the full answer on Ftawy