Loans

QUESTION: I had selected one property which would be purchased by the financing agent first and then they will be selling this property to me at a fixed rate that I will be paying in installments for 5 years. It is Ijara contract type, insurance cost is covered by agent. After the contract duration property will be transferred to me. Is this transaction is free of Riba.

Loans, Riba

09 Feb

ANSWER: If the financing company buys the property and actually own it without any commitment from your side to buy it and without any down payment, this is permissible if they sell it to you with a fixed final price that can’t change or be increased under any circumstances. But if they take a written […]

QUESTION: Over the years I have accumulated a lot of debts. Some of credit cards and some of phone companies. Some of the companies have even been closed. But I know that debt has still to be given in charity. I want to know if I have to pay the interest or the other fines that the companies had imposed on me or just the principal amount..

Loans

07 Feb

ANSWER: You need to pay the principal amount while repenting to Allah as you will still have to pay for that on the day of judgement unless Allah forgives you.

QUESTION: Imagine two individuals, X, and Y. Person X lent 1 lakh (100,000) to Y to help start a business. X wants to receive a specific percentage of the profits Y earns from that 1 lakh after a certain period. Will the profit that X receives be halal?

Islamic economy, Loans

16 Jan

ANSWER: If this is a loan, this is clear riba and one of the major 7 sins in Islam. If he is a partner or investor, he should also be liable for loss and ready to lose his money if anything goes wrong in the business. A loan can only be given and taken back […]

QUESTION: If a person dies with debts and someone from his heirs take the responsibility of the debts is the deceased relieved from the debt

Funerals, Loans

24 Dec

ANSWER: Yes.

QUESTION: My maternal uncle helps my mother at the time of death of my father, financially but now he claims that it was loan and we have to return. Is it permissible because we never thought he was giving us loan money

Loans

22 Dec

ANSWER: If he didn’t specifically say at that time that its a loan, nor made official papers nor made an agreement in front of 2 muslim male witnesses, what he claims doesn’t count.

QUESTION: I have taken a loan to start a business and its incurring interest. How do i avoid the consequences of riba? Should i give the interest amount in charity ?

Loans, Riba

06 Dec

ANSWER: When you pay the lender interest, this is when you are cursed by Allah for taking the riba based loan! Giving extra to charity won’t help you at all as you are not the lender who is accepting the interest. Repent to Allah, feel remorse and ask Him for forgiveness and pay off all […]

QUESTION: Can we take loan on interest in case of any emergency like medical emergency?

Loans, Riba

22 Sep

ANSWER: No, this is not permissible It’s a major sin and Allah has waged a war against people who deal with riba!

QUESTION: I live in a kufr country and I took a loan with interest, I transferred it to a person who then blocked me, I didn’t even spend it on anything and I regretted having done all that. When I delayed paying the loan they called me and sent me gmails but currently they don’t call me or send me messages. Should I still pay that loan?

Character and Morals, Loans, Riba

06 Jun

ANSWER: Of course you must return it as its a debt and a major sin if you don’t return it. The Prophet salla allahu alaihi wa sallam said that the sins of a martyr are all erased except the debts. You must sincerely repent to Allah while showing deep remorse for this major sin of […]

QUESTION: My uncle borrowed money and my father was the guarantor but my father died and uncle is not returning money. Is the sin on my father?

Funerals, Loans

06 Jun

ANSWER: There is no sin on your father as his liability was limited to his life.

QUESTION: Does the ruling for a debt owed to non-Muslims differ from that owed to Muslims? Are we obliged to pay the non-Muslims back?

Loans, Religions

06 May

ANSWER: The ruling is the same! Of course you must pay back the debts even to non muslims!

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