Using Interest Money for Children’s Education: OK?
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Using Interest Money for Children’s Education: OK?

Questioner

Anonymous

Reply Date

Oct 20, 2018

Question

As-salamu `alaykum. My question is whether we can use the interest money of the bank for the purpose of paying donations for our children to get admissions in a reputed school or college? What is the Islamic point of view?

Mufti

Answer


Using Interest Money for Children’s Education

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:

Interest based money is not allowed to use for anything concerning your family or children.


In his response to your question, Prof. Dr. Monzer Kahf, Professor of Islamic Finance and Economics at Qatar Faculty of Islamic Studies, states:

The interest you get from a bank deposits is not owned by you according to Shari`ah. What is not owned by you must be given away to charity and cannot be used in anyway that benefits you.

This includes paying it to your children or their tuition or donation to the school that facilitates their admission. It is like using this interest for your own food and clothes.

Allah Almighty knows best.

Editor’s note: This fatwa is from Ask the Scholar’s archive and was originally published at an earlier date.




About Prof. Dr. Monzer Kahf

Professor of Islamic Finance and Economics at Qatar Faculty of Islamic Studies

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