Blog

If I am given bonus called diwali bonus, in the form of cash, what to do?

Riba

02 Mar

If it is connected to a Kafir feast, I would recommend that you give it to charity unless you are in need of it.

What is the ruling on mortgage in islam as in my place it is a practice among the poor who have no house to stay in a house or a part of a house of the other on Mortgage.

Riba

02 Mar

The system works like this: The house owner receives a previously decided amount from the one who needs the house. He then stays at the house of the owner for a period (definite or in defenite) without paying anything thing else (no rent). When the house owner asks him to vacate or when the other […]

My question to you is, what is the idealofy of stockmarkets in islam. Can a muslim invest in a stockmarket when he/she is going through financial crisis and what does our religio say about this subject.

Riba

02 Mar

Dealing in shares Many Muslims invest in stocks (stock market). The argument is that, since there are risks where one can lose or gain, that it constitutes doing business so long as one does not buy stocks on the margin or be involved in direct interest bearing investments. Please explain the limits of investing in […]

Is car Insurance allowed in Islam? My friend have car and he is afraid if somebody big car like BMW,MERCEDEZ,FERARY hit him how can he pay the huge amount. But if he make insurance he will be safe side.

Insurance

02 Mar

In order for you to lease a car, there has to be a number of conditions to be fulfilled: 1- The insurance must be on the company leasing you. 2- The maintenance must be on the company leasing you with the exception of operational maintenance such as oil etc. 3- There shouldn’t be another contract […]

I am looking to start learning to trade in Forex but I don’t want to spend so much time learning only to eventually find out it is forbidden in Islam. Would you please, tell me the status of Forex Trading in Islam, advise me if you will.

Riba

02 Mar

It is not permissible to trade in currency except if the transaction is done on the same spot and time by giving the money and receiving it hand by hand at the same time. In Forex, you need a day or two before you can cash your money, if I am not mistaken.

Why Islamic banks are issuing a credit card wherein there are so many discussion regarding credit card that entering on this transactions is HARAAM?

Riba

02 Mar

It is not possible to explain in detail. These Islamic banks have a Shariah board and they advise them with what is permissible and what is not.

I want to know what is the Islamic ruling on a person, if one dies before paying off his student loan. Please note that this loan automatically clears off after 25 years or after death…

Riba

02 Mar

…This loan has fixed rate of interest which is applied once. At the time I took the loan I was unaware of the punishment for Riba, which I regret now. However now I have become more practicing and seeking Allah’s forgiveness. The question is if one dies without paying off this loan would they be […]

Is it permissible for someone to celebrate one year marking the establishment of their business?

Riba

02 Mar

Celebrating silver, gold or diamond jubilees Some companies or administrations celebrate 25 years since the founding, and they call that a silver jubilee. They also celebrate after 50 years, and call that a golden jubilee, and after 75 years they call it a diamond jubilee and so on. Are these celebrations Sunnah or an innovation?. […]

If I know that the money given to me was from the lottery, can I still accept from a friend as a gift?

Riba

02 Mar

Yes.

Can we give the interest amount received from bank on our account in charity? Charity for studies, marriage, medical expense of our poor relatives.

Riba

02 Mar

Yes, you can but this is not a charity per se, but rather cleansing your money from such forbidden income. Of course this is in the case that you are forced to take it and there are no other current accounts that don’t give interest on deposits.

More..