Interest money

Is it allowed to use interest money for education?

August 03, 2022

Q
As-salamu `alaykum. My question is can we use the interest money from the bank for the purpose of paying donations to get our children admitted to a reputable 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, the Most Merciful, the Most Merciful.

All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.


In this fatwa:

Interest money is not allowed to be used for anything related to your family or children.


In his answer to your question, Teacher. Dr. Monzer Kahf, Professor of Islamic Finance and Economics at the Faculty of Islamic Studies in Qatar, says:

The interest you get from a bank deposit does not belong to you according to sharia. What does not belong to you must be donated to charity and cannot be used in any way that benefits you.

This includes paying your children or their tuition fees or a donation to the school that facilitates their admission. It’s like using that interest for your own food and clothes.

Allah Almighty knows best.

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