ANSWER: If the price is fixed and you are buying from the owner and there isn’t any way that the installments would increase more than what was agreed upon initially, this is permissible.Read more
ANSWER: Once it becomes legal, official and approved by monetary systems in the world, only then we can revise the fatwa. Until then, the ruling stays the same.Read more
ANSWER: The profit should be a fixed percentage, on the actual profits the company makes and not a fixed amount of money. If you don’t share any losses and they guarantee to give you your money back when you ask for it, this is clear riba. When joining them, your 40k should be calculated to […]Read more
ANSWER: The prophet salla Allahu alaihi wa sallam said: The honest truthful merchant is with the Prophets, Siddiqeen and martyrs on the day of judgment.Read more
I live in Sydney Australia. I am using Bank account here. When we save money into the account, they pay some percentage of interest fee to me. I have asked them not to pay me that amount, but they say they can not change it. Here, every Bank has the same policy and its the necessity here to use the bank account. In this instance what I can do?
ANSWER: No problem in this if you don’t have the option of current account and if there is no Islamic bank in your city. And if you get any interest from it, it’s haram money and you must dispose this off to poor and needy Muslims in order to cleanse your wealth, without anticipating any […]Read more
My brother wanted to buy a house with mortgage, and since he had bad credit score he asked if i would become co-borrower. I agreed considring with my credit score it would reduce his interest rate on the mortgage. Note, i do not own the house, and i do not pay mortgages rather its fully his and i am just a co-borrower on paper. My question is whether am i sinful in helping my brother buy a mortgage
ANSWER: Of course you are totally sinful for signing on such papers and a partner in Allah’s curse to him and to you, equally!Read more
ANSWER: No problem in this as long as everyone gets the same amount that they contributed, not a penny more or a penny less.Read more
ANSWER: In order for any investment into the shares of a company, two conditions must be fulfilled: 1- The line of work is halal. 2- The company doesn’t deal in Riba by financing its activities through riba or through deposits. https://islamqa.info/en/answers/112445/ruling-on-buying-and-selling-shares https://islamqa.info/en/answers/69941/the-difference-between-shares-and-stocksRead more
Sheikh…can we invest in Wahed, an online shariah-compliant ethical investing platform backed by ….. ….. In this platform, we invest some money and the people working in Wahed invests our money in different halal stocks and gold ETFs. So, my question is it halal to invest in gold ETFs. Because the exchange is not happening on a hand to hand basis. Please briefly comment.
ANSWER: I don’t know about this company or their dealings. It is not enough to have celebrities endorsing it without actually knowing their true line of work and monitoring that through a sharia board supervising their day to day activities made of trusted scholars.Read more
ANSWER: Trading in stocks is permissible providing that the line of work of such companies is halal and that they don’t finance their projects with riba nor deal in riba. If you buy stocks on the condition that you sell it on the same day, this is prohibited as it is a form of gambling. […]Read more