FatwaPenangTransactions & Finance
HUKUM MENGGUNAKAN WANG FAEDAH (INTEREST)
Is it permissible to accept interest money, and how should it be used?
Short answer
The Penang State fatwa rules that interest money may be accepted, but it must be used for public welfare (maslahah ammah).
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Penang State Mufti Department
- Date
- Status
- Fatwa committee decision
- Series
- Keputusan Fatwa Negeri Pulau Pinang (e-Fatwa)
- Topic
- Transactions & Finance
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The Penang State fatwa rules that interest money may be accepted, but it must be used for public welfare (maslahah ammah). It also states that savings reaching the nisab and held for one hijri year are subject to zakat at the rate of 2.5%.
Written in our own words from the original fatwa — check the source before acting on it.
Wang faedah sedemikian itu harus diterima tetapi hendaklah digunakan bagi maslahah ammah
Read the full fatwa on the Penang website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Penang State Mufti Department. “HUKUM MENGGUNAKAN WANG FAEDAH (INTEREST)”, 11 February 1970. http://efatwa.penang.gov.my/fatwa_details.php?fatwaid=808. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/can-interest-money-be-accepted-and-used/