Is investing money in traditional banks with fixed interest considered usury (riba)? And is it permissible to close a bank account for this reason? Is profiting from filming educational videos for handicrafts and uploading them to YouTube considered permissible (halal), knowing that YouTube may display inappropriate advertisements? Is selling handmade products through social media pages considered a permissible (halal) source of income? Is it permissible to calculate zakat on the total amount in the bank, including interest, even if a year has not passed on the interest?
It is not permissible to deposit money in a usurious bank, due to the availability of Islamic alternatives. Repentance and seeking forgiveness are obligatory for past dealings with usurious banks.
The second idea has no Islamic legal impediment to its permissibility.
Regarding the first idea, there is no prohibition on earning profit from advertisements, as long as the videos themselves are permissible and their display is allowed.
As for usurious interest, Zakat is not obligatory upon it. Rather, one must dispose of it by allocating it to public welfare or giving it to the poor and needy. Zakat is only due on lawful capital that has reached the Nisab (minimum threshold) and upon which a full year has passed.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/185813
- Source platform
- Ftawy
- Original fatwa ID
- 185813
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy