Can I open an interest-bearing bank account to donate the interest in charity?

Explanation

It is permissible to open a non-interest current account in a conventional bank despite the presence of Islamic banks. However, it is encouraged to use the services of Islamic banks to assist the growth of Islamic Finance.

Only in the absence of the above can a person open a bank account which reaps interest due to the necessity of protecting one’s wealth. If a person has an interesting bearing account due to necessity and as a last resort, he must donate the money to charity as a means of purification and not reward.

A person cannot open a savings account with interest with the good intention of donating the interest to the needy. To accrue interest is categorically forbidden in the Qur’an and is ḥarām. To give voluntary charity is mustaḥab and preferable. A person cannot do a haram in order to fulfil a mustaḥab practice. Furthermore, if one acquired interest to give to the poor, he would not be rewarded regardless. Dispensing of interest to the needy is not Ṣadaqah, rather, it is an obligatory form of purification of one’s wealth.

In conclusion, it is not permissible to open an interest bearing account to in order to donate the interest to the needy¹. One should instead donate his own acquired money as Ṣadaqah to the needy. Such Ṣadaqah will be a means of barakah and blessings for oneself and the needy with the will of Allah.