Purification by Charity

Since most bank accounts, Mutual Funds, and other financial instrumentsoperate under non-Islamic Financial systems, they have some income frominterest despite the invetor (or the fund managers) being keen on notto get any interest.The reason for interest creeping all over the place is that financialinstitutions will give interest on cash balances, often mandated bylocal law. A Mutual Fund will keep up to 15% of holdings in the formof cash, so as to respond to people requesting liquidation of theirshare in the fund.So, the question is: "What should a Muslim do about this interestbased income?". The answer is simple and logical: Get rid of thisincome to charity (Sadaqah).This process has been approved by scholars, in view of the practicallyimpossible goal of investing in a totally interest free area. The processis called "Purification".Some fund managers have kindly shown the willingness to donate theirinterest to qualified Islamic charities. Only registered non-profitcharities are eligible.

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