Islam teaches that interest is forbidden, both receiving and paying it. In modern society many of us can end up accumulating it through our bank accounts even when we do not want it, which raises the question:
What do we do with this money?
As it is not permissible for us to consume, Islamic scholars have stated that interest which has been accrued should be given to a charity to use. However, we need to be aware that reward will not be given for this donation due to the haram process involved in the accumulation of the money.
Therefore HHUGS urges everyone to free themselves from risking the consuming of interest in the following ways:
1. Contact your Bank and ask them to automatically pay any interest directly to HHUGS Bank account
Al Rayan Bank
Sort Code: 30-00-83
Account number: 01269701
SWIFT code IBOBGB22
IBAN GB52 LOYD 3096 3401 0241 92
3. Calculate your interest and donate it to HHUGS via cheque or postal order
4. Calculate your interest and make a bank transfer directly to HHUGS
Earn reward with Allah by enjoining what is good and tell your friends and family about donating their interest to HHUGS. You will be saving them from engaging in what is impermissible in Islam and also benefiting a charity at the same time.