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Interest in My Health Savings Account

November 22, 2017

Any amount of money received in addition to your capital is interest, and it is haraam. The only exception is the rate of inflation:

Before the fiduciary monetary system (paper money system), money was made of gold or silver, which are precious metals. Therefore, any amount of increase added on the principal was obviously interest.  However, purchasing power is the criterion in the current paper money system. In order to comply with the expression “neither you do wrong, nor you are wronged (al-Baqarah 2:279)”, the purchasing power of the loaned/owed money must be fixed. The loss of purchasing power may be calculated by considering the inflation rate. Any other addition to your capital is interest.

If there is a way to turn that HSA into a type of account that does not grow, maybe by applying to the officials personally, you can do that.

If that is of no use and you have to use that account for your health expenses, you should be keeping track of the interest, and giving away that amount of money to the needy without expecting any return from God. The money you give would be considered as interest for your use but as a gift for the person who receives it. So it is not forbidden for their use. You would better not tell the person that it was interest, which could hurt him/her.

Furthermore, there is no difference between the money being spent out of your HSA account or any other account. The physical money itself is not forbidden,  but consuming interest is. It is okay as long as the amount of money which was gained through interest is given away out of your possession.

get rid of interest, giving away the interest, health savings account, hsa account, interest on hsa, medical insurance
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