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Airtel Money Trust Interest

Question:

Txn Id:ER191116.0856.H93855. Dear Customer, you have recieved MK 1412.29 from AIRTEL MONEY TRUST INTEREST. Your available balance is  MK45787.29. Personal account

Is the above money termed as ‘interest’ permissible to use?

I asked the company and below is their response.

From the company; Airtel:

It’s interest we are giving to customers Quarterly for using airtel money

Answer:

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

“Airtel Money is a service that allows you to manage your money directly from your mobile phone wherever you are, wherever they are and at any time you want.

How does Airtel Money work ?

To put virtual money into your Airtel Money account you need to go to Airtel, Airtel Money agent and buy virtual money. With Airtel Money on your account you can send virtual money to other Airtel Money accounts, top up your or someone else’s airtime account, transfer money to and from bank account, pay bills, pay for the goods and services. To withdraw cash from your Airtel Money account you need to go to Airtel Money agent and transfer virtual money to the agent who will exchange this for cash.” – Read more.

We have read the FAQ’s on the Airtel website and understand Airtel money to be a bank like service / virtual bank.

Thus, the amount given by Airtel as interest quarterly is not permissible to use. Amounts accumulated as interest should be given to the poor and needy without any intention of reward.

And Allah Ta’āla Knows Best

Mufti Safwaan Ibn Ml Ahmed Ibn Ibrahim

Darul Iftaa
Limbe, Malawi

Checked and Approved by,
Mufti Ebrahim Desai.

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