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Collecting Interest

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    Collecting Interest

    If a person has spent all his/her life earning and saving up and finally reaches a point in his/her life where they're satisfied with what they've made for themselves, is it allowed for them to just deposit their money and live off of the interest each month?

    #2
    Depends on which scholar you trust in terms of religious rulings. Or you can study it up yourself to make up your own mind.

    In summary, a large number of muslims scholars, including Supreme Court of Pakistan (Shariat Bench) have concluded that bank interest is ribaa, as defined in Islamic jurisprudence, and is, therefore, haraam.

    Some other scholars, including those in Al-Azhar University (Egypt) have maintained that present day bank interest is a function of time-value of money and inflation, and unless interest is excessive, it is not similar to ribaa and hence is permitted.

    W'allah o Aalim
    "Let your friends underestimate your virtues. Let your enemies overestimate your faults." - Godfather.

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      #3
      I'll be sure to try to look it up some more in various sites and what nots myself to come up with a decent conclusion to whether or not it's to be considered haraam, as I've heard from a not so large but very well-informed (at least in the rulings of religion) handful of people. I'm sure there are a lot of sites online that discuss this further. Thank you so much for taking the time.

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