Riba

QUESTION: Is it permissible to invest in a company, wich deals with interest, even though the main source of income is halal ?I don’t mean by dealing with interest, that they have a business like a bank. But today almost every company has to deal with some form of interest

20 Dec

ANSWER: When a person invests in a company, he is a partner in it. Therefore, if they deposit money in a bank and take interests or finance their projects by borrowing from interest based banks, this is not permissible and one must not invest in such companies.

QUESTION: Kindly clarify if rent obtained from institutions like banks and insurance companies both of which deal with Riba, is halaal or haraam.

Riba

15 Oct

ANSWER: This is totally prohibited and the income is haram!

QUESTION: I know that buying new bank notes by paying more than the actual face value is riba.But I don’t know about the notes that are now rare or out of the market. So people pay more for them for collection or to sell.

Riba

09 Oct

ANSWER: Paying extra for the notes that are NOT in use anymore is permissible.

QUESTION: My husband took a loan through a bank and invested it with a property dealer (bought plots to sell later). Loan instalment is paid monthly and it’s a four years long procedure. Now it’s been more than a year that we have invested that money. Do we have to pay zakat on that investment and if yes then how to do the calculation as we are still paying the instalments?

Loans, Riba, Zakat

01 Oct

ANSWER: If this property is bought with purpose of selling it after developing it, you must estimate the current value and give zakat on it. But if it was bought to rent it out or to live in it and not to sell it, there is no zakat on it. If the loan is interest […]

Sheikh is buying items in an instalment method permissible in Islam

Halal/Haram Matters, Islamic economy, Riba

01 Aug

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.

I am an accountant. I quit my job because it involved recording riba at times. And job hunting. Almost all jobs an accountant can get would involve recording riba. Now I got a job offer in a bank. And this job won’t involve recording riba, but filing reports to authorities. Is it acceptable? Or at least more acceptable to work in a Bank w/o recording riba, than work in non-Bank and record riba?

Jobs, Riba

28 Jul

ANSWER: It’s totally prohibited to work in any department of a riba based bank, even if you work as a janitor, its prohibited and the income is haram and its one of the major sins in Islam!

I am from ***** and the govt here is so currpt they impose heavy taxes on us but didn’t use any money on us not a penny which they promise at election.if the govt givivg money under a scheme to build house and we need money for something else can we take money assuming we are taking our money back.

Character and Morals, Etiquette, Morals and Heart-Softeners, Halal/Haram Matters, Riba

16 Jul

ANSWER: If its a riba (interest) based loan, this is totally prohibited. It’s not permissible to cheat the government even if they are corrupt as a muslim does not cheat or lie.

For our car we were sold an extra 4-year warranty from the dealership that would cover any major problems. The condition is that we get it done by a professional. Is this permissible?

Halal/Haram Matters, Riba

06 Jul

ANSWER: This is not permissible at all.

Our land was acquired by the government in 2018 for a project and they paid compensation for that only in 2021. According to the law if there is a delay in paying the compensation, they have to pay an additional amount which they call “interest”. Since there was a delay now they are trying to pay us this “interest”. Is this actually interest and is it halal for us?

Halal/Haram Matters, Riba

09 Jun

ANSWER: This is indeed interest and not permissible for you. Take that extra amount and give it to poor and needy Muslims in order to cleanse your wealth from this haram money.

In my division there’s 2 type of program we work, Program with riba source of money and with no riba in the source of money. I work in the NO RIBA source of money but in the end I must watch all the program with permissible indicator (time, participant, achievement). what our company do is Halal, but am I sinfull because there’s my co worker in my division who doing riba?

Jobs, Riba

06 Jun

ANSWER: As long as you are supervising them, you are with them in the sin.

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