Question Summary:
am I able to use interest monies to pay for my childrens’ education?

Question Detail:

Please advise if I am able to use interest monies to pay for my childrens' education? I was previously advised that the interest monies may be used to build toilets, pay traffic fines or be given to a non muslim however I have heard that the monies may be used to pay for childrens' education. Please advise

Answer :

In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
Interest money should be disposed off by giving it away to the poor and needy. If you are poor and needy and you are a legitimate recipient of zakat, then you also qualify as a recipient of interest monies. You may use the monies to fulfill your needs.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah