Catalogue
Interest FundInterest Fund
Received bank interest you do not want to keep? Dispose of it simply through ILM. A practical way to remove unwanted bank interest from your possession.
What this service is for
Most UK current and savings accounts credit interest automatically. Many account holders never asked for it and cannot switch it off. Because interest is riba, a Muslim may wish to remove it rather than retain it or benefit from it in any way.
This page exists for that one purpose. You enter the amount that reached your account, transfer it through ILM, and the funds leave your possession. ILM then allocates the amount under its Interest Disposal Policy.
If interest appears again next year, come back and clear it again.
This is not Sadaqah
Money transferred through this service should not be treated as Sadaqah, and it should not be transferred with the intention of earning reward. The purpose is simply to remove money you do not wish to retain.
Amounts cleared here are tracked separately and are not counted in fundraising totals.
Final wording is subject to Shariah approval.
How it works
Where the money goes
Amounts cleared here are tracked separately from every other fund ILM holds and are never pooled with Sadaqah or Zakat.
They are applied only to uses permitted under ILM's Interest Disposal Policy. Final categories will be published here once approved.