Loans

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.

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.

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