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The question

Is a fixed interest rate of 7% from a "savings office" considered unlawful (haram), especially if the office achieves profits higher than 10% and the depositor does not stipulate this percentage? And if it is unlawful, is it permissible to give this money to one's father to pay off his debt, or to one's paternal uncle or maternal uncle to build their homes?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

Repentance from usurious bank deposits is obligatory by immediately withdrawing the money and disposing of the usurious interest by spending it on charitable causes and public welfare, such as for the poor. It should not be returned to the bank nor consumed. It is permissible to give these interests to your paternal or maternal uncle for building his house if he is in need, and similarly, to pay off your father's debt with it if he is unable to do so.

Summarized from the full answer at Ftawy · imported

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
161114
Imported
Translation status
Source text, unreviewed
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