QUESTION: I have a savings account. Bank cuts some tax+bank charge & adds some interest. Monthly I subtract tax+bank charge from Interest amount (basically the extra money in my account that I didn’t put). I give it away to needy monthly, tell him that it is not sadqah but interest money. Is it OKAY as per Shariah? Or should I give the full interest money & I pay tax+bank charges from my saving?
QUESTION: I have a savings account. Bank cuts some tax+bank charge & adds some interest. Monthly I subtract tax+bank charge from Interest amount (basically the extra money in my account that I didn’t put). I give it away to needy monthly, tell him that it is not sadqah but interest money. Is it OKAY as per Shariah? Or should I give the full interest money & I pay tax+bank charges from my saving?
15Aug
ANSWER:
It’s not permissible to pay the tax + bank charges from your interest money!
You should not tell the people you’re giving that it’s interest money, charity or zakat! Simply give without telling anything!
QUESTION: I have a savings account. Bank cuts some tax+bank charge & adds some interest. Monthly I subtract tax+bank charge from Interest amount (basically the extra money in my account that I didn’t put). I give it away to needy monthly, tell him that it is not sadqah but interest money. Is it OKAY as per Shariah? Or should I give the full interest money & I pay tax+bank charges from my saving?