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I am from India where every salaried individual gets an interest on his salary account by default. I have accumulated a significant sum of this haram money which I am planning to donate.

I am also saving some money to buy house by paying all upfront and not involving bank. Alahmdullilah, I have reached very near to my goal in savings.

I wanted to know is it permissible for me to draw a bank loan for home such that interest paid by me to bank is equal to the interest bank pays me on my savings account ?

This way the interest that I have accumulated will be returned to its rightful owner (who is bank in this case) and I shall have paid only principal amount for my home.

Please help me in this regard.

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  • The bank isn't the "rightful" owner of the interest money. The money that the bank gives you as interest doesn't come from the bank. It comes from other riba-based sources where the bank invested your deposited amount in and the bank gives a part of that riba to you.
    – Crimson
    Oct 27 '19 at 12:48

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