Wa `alaykum as-salamu wa rahmatullahi wa barakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
In this fatwa:
You can resort to the bank to know the real amount of interest that interfered in your grant. If you fail, you can estimate the amount and get rid of it to make sure that your income is interest-free.
In response to the question you raised, the European Council for Fatwa and Research (ECFR) issued the following fatwa:
As for the manner in which you should deal with the interest money; you should first try to find out the exact amount of this money from your bank.
If this attempt comes to no avail, then you are allowed to estimate its amount so that you try your utmost to make sure that none of it remains in your possession.
After doing so, you should give out this money to the poor and the needy and not make any personal use of it.
As for paying zakah for your savings, the amount of money which becomes liable for zakah should amount in value to 85 grams of pure gold, the value of which can be found in the newspapers and financial markets.
Therefore, if your savings are equal or exceed that amount, then you should pay zakah every year.
Allah Almighty knows best.
Editor’s note: This fatwa is from Ask the Scholar’s archive and was originally published at an earlier date.