What should I do with the income that I have now that is Interest based?
It is not permissible to put money in a Riba-based bank except if there is the fear that the money may be stolen etc. If there is no other means of protecting the money except by putting it in the bank, in that case it is enough for him to put it in a current account that does not bear any interest, because in cases of necessity, things that are ordinarily forbidden may be permitted, but only to the extent that is necessary.
Ibn al-Qayyim discussed this issue at length in Zaad al-Ma’aad (5/778), and he stated that "the only way to get rid of this wealth and complete one’s repentance is to give it in charity, but if he needs it, then he may take as much as he needs, and give the rest in charity." End quote.< Back to Questions