What is the ruling on money earned from savings accounts with a fixed annual interest rate? Is it unlawful (haram)? And what should I do with the interest I have received if it is indeed unlawful?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
Dealing with traditional banks for a known and guaranteed interest is a forbidden usurious transaction. And whoever has dealt with a usurious savings account while knowing its ruling, it is not permissible for him to benefit from its interest, and he must dispose of it in charitable causes. If he does not know its amount, he must strive to determine his principal to dispose of the usurious excess. As for whoever dealt with this account while not knowing its ruling, he is not obliged to dispose of its interest until after he knows the ruling.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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Where this answer came from
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- Ftawy
- Original fatwa ID
- 171519
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy