Using interest funds to pay school fees

· 27 Jumada II 1443 AH1 min readEnglish
Banking/ Interest

Question

Can Mufti Saheb please explain the process of paying school fees with interest money for the child of a Zakaatable Parent.

Can the interest money be given to the school, wherein they will use the interest money for the child’s school fees?

Answer

Interest funds cannot be given directly to the school to settle outstanding school fees. If the father is eligible for Zakaat, then the interest funds may given to the father, who may then utilize the funds to settle the child’s school fees.

Alternatively, if the child is of understanding age, whereby the child is able to transact himself, which is generally estimated to be approximately 9-10 years of age, and the father qualifies as a recipient of Zakaat, then the funds may be given directly to the child. After taking possession of the funds, the child will be requested to settle his outstanding fees at the office, thus he will then hand over the funds to the office. Any of these methods should be implemented to settle the student’s outstanding fees utilizing interest funds.

Answered by
Mufti Mohammed Desai
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