Loans

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?

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 […]

Just after marriage I lent my husband a big amount of money which he said he would pay back in 2 years but has paid nearly nothing of it back and it has been almost 3 years now. Sometimes I feel really upset at his quiet way of expecting me to be kind (never mentioned that he would not be able to keep his side of the deal nor that he feels bad about it, just silent). What can I do

Fiqh of Marriage, Loans

15 Jun

ANSWER: If he is unable to pay you back, you must be patient and wait till his conditions are better. But if he is able to pay you back, it is your right to demand your money back from him.

My husband took a loan 5 years back and he is still trying to pay it. the interest rate in his monthly installments is 70% e.g he pays $2000 monthly out of which $1500 is interest. My question is can i take a loan with 20% interest rate to pay my husband’s loan which has a 70% interest rate? This way his interest would be lower and repayments would be quicker.

Halal/Haram Matters, Loans, Riba

18 Apr

ANSWER: This is totally prohibited! Two wrongs don’t make a right!

My father is old & has bk loan,I always say NO when he ask for help related to bank.The loan is so high that it’s repayment is not possible,Only solution is to pay riba for life time to avoid bank attachment.After his period, I will be liable to pay the loan.What should I do Sheik?How should I help him?I warned him and have not helped him in taking loan,I feel so sad for not helping him

Loans

22 Oct

ANSWER: You must not help him repay that loan unless you are 100% certain that he is remorseful and regretful and would never do that again.

One of our relatives bought a cow for sacrifice on eid ul.azha from my uncle last year but has not paid yet. My uncle can’t ask for money because he is a close relative of ours. My question is the sacrifice will be accepted without paying someone’s money?

Halal/Haram Matters, Loans, Slaughtering

03 Jul

ANSWER: It is accepted but he is in debt which he must clear as Allah forgives the sins of a martyr except his debts!

If a person studied a course by taking a loan with ribaa and if he gets a job will the job and the income is haram?

Halal/Haram Matters, Jobs, Loans, Riba

01 Jun

ANSWER: He is definitely sinful for this Riba based loan which is a major sin but his job and income is permissible if the company and his job description is halal.

I am of age and unmarried. I have a interest based credit card and loan which requires monthly repayments. Should I focus on clearing the loans as soon as I can from the salary I get (as “legally” I am bound to pay it with interest), or should I pay only the monthly payments and focus on getting married? I feel like I should repay and get rid of usury as soon as possible, just want to be sure.

Fiqh of Marriage, Loans, Riba

23 May

ANSWER: You must clear off your interest based loan ASAP besides sincerely repenting to Allah while showing deep remorse for this major sin and fast every alternate day if you are not able to curb your sexual desires.

My father is alive and have debts with kafirs in business which are very old , forgotten and leaved by giver thinks as it wont come at all. Is it am i obligatory to go to the givers and settle my father debt so that i will help my father for his aakirah?

Fiqh of the family, Loans

22 Dec

ANSWER: You’re not obliged to pay off your father’s debts. However if you help him in this due to your own will and if your father is not financially capable of paying off the debts himself then you would be rewarded for that.

Years ago i took loan from a man now I dont know where he is etc. Should I give charity in his name of same amount as loan?

Character and Morals, Loans

13 Dec

ANSWER: If there is no way you can locate him or any of his relatives or legal heirs then yes, you must give that amount in charity to poor and needy muslims on his behalf.

Sheikh, should I stop donating money and save it to pay off debts even if the debt is too big.

Charity, Loans

29 Nov

ANSWER: Clearing your debt is more important than giving charity.

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