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Fatwa CenterDepositing a rent guarantee in a Riba-based account
Question
BISMILLAH Assalamu 'alaikum Before I became a muslim I rented a flat in which I live until now. The condition from the renter was to take from me a guarantee-deposit. This guarantee-deposit is stored in a riba-based account in the bank until I move out from my flat someday. Now as a muslim I asked the renter to stop the account and to store the guarantee-deposit without this account until I move out. He refused. My question: Do I have to move out from this flat in order to close the account and stop the interests in this way or is it enough to write a letter to the renter or the bank that I don't want to take the interests or should I donate the interests in charity as soon I get them in the future insha ALLAH after moving out from that flat?
Answer
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His Slave and Messenger.
It is not permissible to accept that the guarantee be kept in a Riba-based account, even if the renter refuses to take it out of this account. As such, you are not permitted to renew the contract with him unless you are forced to only rent from him or if all renters have these same conditions, or if you are unable to find another place to rent. In these cases, it is permissible to leave the deposited amount in that account, but you must get rid of the interest in the way we mentioned in Fatwa 83894
Allaah Knows best.
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