I wish to donate bank interest credited by my bank on the understanding that I am not allowed to utilize it. Can I deduct bank charges and give away the net amount?

Bank

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets.

What Is Islamic Banking?

Islamic banking, also referred to as Islamic finance or shariah-compliant finance, refers to finance or banking activities that adhere to shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss, and the prohibition of the collection and payment of interest by lenders and investors.

There are more than 300 banks and 250 mutual funds around the world that comply with Islamic principles. Between 2000 and 2016, Islamic banks' capital grew from $200 billion to close to $3 trillion in 2016. This growth is largely due to the rising economies of Muslim countries (especially those that have benefited from the rising price of oil).

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