Use of interest

Question ID: 20945
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Bismi Ta’la
. Asalamulaikum Mufti Saheb

Please confirm the following:
I earn interest on a loan account within a business that I no longer work for and the total loan is being repaid to me in 4 x 6-monthly instalment

1. Can I use the interest to pay off interest on my bond.

2. Can I use the interest to compensate for the high PAYE on my monthly salary

3. Can I use it to settle medical bills of needy muslims.

4. Can it be used to offset the VAT paid on personal purchases made (i.e. food, furniture etc.) – the VAT is not recoverable from SARS.

Jazakallah

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Asked on March 13, 2014 9:31 pm
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Private answer

1) Yes.
2) No.
3) Yes.
4) Yes.
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Answered on March 13, 2014 9:31 pm