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Is it Permissible to Use Interest Money for Education?

03 August, 2022
Q 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? I will be obliged if my question is answered.

Answer

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.

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In this fatwa:

Interest 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 Shariah. What is not owned by you must be given away to charity and cannot be used in any way that benefits you.

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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
Dr. Monzer Kahf is a professor and consultant/trainer on Islamic banking, finance, Zakah, Awqaf, Islamic Inheritance, Islamic estate planning, Islamic family law, and other aspects of Islamic economics, finance, Islamic transactions (Mu'amalat). Dr. Monzer Kahf is currently Professor of Islamic Finance & Economics at the Faculty of Economics and Management, Istanbul Sabahattin Zaim University, Turkey