Loans

QUESTION: If someone took an interest based loan in the past and is still repaying it, but the borrowed money has already been invested in different businesses and is no longer available as cash, what should they do if they sincerely repent?

Loans, Riba

07 Jul

ANSWER: They must pay off the riba loan asap and repent to Allah while showing sincere remorse.

QUESTION: My father is in a great debt for a long time But he doesn’t bother too much to repay it back. It’s been almost 10-15 years. Now my question is as children of him are we responsible for his debt? Should we save money to repay this huge debt on his behalf? if we didn’t will we held accountable on the day of judgement? Are we responsible for this debt after his death?

Fiqh of the family, Loans

22 Jun

ANSWER: No, this is not your responsibility. After he dies, if he hadn’t repaid his debts, the first thing to be deducted from his wealth and property would be this debt & after paying off his debts then only his inheritance should be divided among his heirs

QUESTION: If a person has large amount of debt,decide to repay it by selling land,and debt amount is so big that he can’t repay after selling his all land. But instead repaying it,he donate it to build a family mosque, Isn’t it sinful?

Charity, Loans

24 Apr

ANSWER: Yes, this is sinful! He must first clear his debts.

QUESTION: What is the ruling on someone who takes an interest based loan, with no intention of paying it back, from a country that they have made hijrah from while it is widely known that this country is the biggest supporter of the enemies of Islam who are currently actively fighting the muslims?

Loans

05 Nov

ANSWER: This is absolutely prohibited! He has done a major sin by taking up an interest based loan & on top of that not paying back the loan intentionally is another major sin!! Such a person is a thief and a liar and dealing with riba.

QUESTION: I had lent money to a person before and i don’t remember if I forgave that debt or not. What to do if he or someone on his behalf pays it back?

Loans

26 Oct

ANSWER: You can keep it as long as you are not sure whether you had forgiven him or not

QUESTION: Close relative owes interest based debt to few and asked us to lend some money. We are able to help only to a certain extent but they ask often. Are we obliged to help even if they are irresponsible and don’t work the way out of their situation and instead continue to fall under more debt?

Dealings and Attitudes with Relatives, Loans

17 Jun

ANSWER: If you lend them and they pay you back, this is permissible But if you lend them and they don’t pay back, you would be stupid to lend them again

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.

More..