Purifying Wealth from Interest

Everyday Islamic Finance Personal and Family Finance
#1

Salaams

When purifying wealth from interest, how can the interest be given away? For example, can this be given to Muslim Charities? Can it be given to non Muslim charities to purchase critical items like food/medical supplies? Or should it be given to fund less critical projects such as building infrastructure, for example, toilets/drainage etc.

Thanks

#2

Wa alaykum salaam,

The interest amount can be given to any charitable cause.

However, some scholars are of the view that purification payments follow Zakat rules. Therefore, it would be advisable to give the interest amount to Muslim charities.

Allah knows best

#3

Asalamu Alaikum,

I am turning 18 soon and will have access to my Child Trust Fund, my provider is One Family Finance , which is a PROSPER account. Looking over the details it seems as if they dealt with bonds and the FTSE100 Index in order to maximise the value of my account (78.1% cash and 21.9% equity). I need to know how much I will need to give away to purify it.

Thanks