Loans

My elder brother is married and banker and i am unmarried 33 age working in private sector. I have a good salary but not any saving even for my marraige and the mehr that i have to give my future wife. My brother relay only on loans from bank,does his investment in bussiness and has showoff problem.what are my obligations towards my brother in terms of giving him a money when i am at zero?

Fiqh of the family, Loans

02 Jul

ANSWER: You are not obligated to help him and it is not even permissible to help him pay off his interest based loans.

I am in a calamity, I had an online business and I was not profitable. Now if my bank account goes into overdraft then I will be engaging in riba and if I use credit card to continue my business then I will engaging in riba. I am looking for a way out which Allah is pleased with.

Loans, Riba

08 Apr

ANSWER: You must not go into riba even if you have to close your business and work as a janitor.

Is it permissible to get loan from bank if we have to return it in fixed instalments? For example I borrow $5000 and I have to return $6000 in a period of 12 months.

Loans

17 Mar

ANSWER: This is absolutely prohibited and one of the major sins in islam.

My friend owes me some money and his financial condition is now in so bad shape that he cannot repay my money. Now I want to excuse him from giving me my money and want to treat this as zakat. Can I do this ? To qualify as zakat do I have to again give him money to repay me his dues ?

Loans, Zakat

18 Feb

ANSWER: This is not permissible as there is a clear conflict of interest here. Give him your zakat if he is poor or needy but you can’t cross out his debt from zakat money!

A person is financially very low.His mother is admitted in hospital and needs immediate surgery for her to survive orelse she will die.But he has no enough money to do the surgery.And also his friends,family support is not that big.The only source he can get money is through bank loan with riba.He has no source except this.What should he do.Should he get the loan and do surgery or let his mom die

Loans, Riba

01 Sep

ANSWER: This is an issue of dispute. I am inclined to the opinion that prohibits this as surviving after the surgery or medication is not certain and riba is a major sin.

My husband is in need of little money,so he want my mehir gold bangle so that he could keep it for mortgage,it Is permissible to keep the mehir and pay monthly interest for the bangel

Loans

21 Aug

ANSWER: Dealing with riba in any form for any reason is prohibited. You must not help him in obtaining a riba based loan. You can weigh the gold and give it to him as a loan so that he can return it in the same carat and weight later on.

Considering living in UK it’s almost impossible to pay full payment and buy a house. Prices starts from 300K. In this case can we get mortgage from bank? Other then mortgage there is no way to get own home, whole life we have to live on rent?? What is ruling about it???

Loans, Riba

16 Aug

ANSWER: Living your whole life paying rent is better for you than to do one of the 7 major sins in Islam. Allah curses those who take riba therefore, this is totally prohibited.

Our government is given loan to small businesses to reduce unemploymen The essence of the loan is the reduce the rate of unemployment in Nigeria through Small scale businesses,So the government came up with a plan of given 1 to 10 million naira loan to start-ups but the loan came with 5%interest. Is it permissible for muslims to seek for this loan to reduce unemployment rate.

Loans

12 Aug

ANSWER: No, this is not permissible. Dealing with riba(interest) is totally prohibited and one of the major sins.

My question is that what kind of loan is allowed even if it us without profit or any other thing I’ve heard that any type of loan isn’t allowed plzz guide..!??

Loans

07 Aug

ANSWER: What you have heard is not correct. You can take loan without interest, which means at the time of paying back you only pay what you had taken and not a penny more. What is totally prohibited is to take an interest based loan.

What is the ruling about a person who had given debt to someone & later on said that he has forgiven that debt and doesn’t want it to be repaid but after sometime asks for debt to be repaid or keeps reminding that he has given debt to the other person? Does the creditor retain the right to be repaid even after he had clearly in his complete senses had forgiven the debt?

Loans

24 Jul

ANSWER: Once he has forgiven the debt on the other person he must not ask for it again. The Prophet salla allahu alaihi wa sallam said: The one who goes back on his gift is like a dog that vomits and then eats it’s vomit!

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