Loans

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!

In India to buy a expensive car we have to apply for a loan so that we don’t get problem related to income tax as due to high tax people don’t pay fully income tax is it haram as we people have to do it purposely.

Loans

10 Feb

ANSWER: It is not permissible to take interest based loan at all as it’s a major sin.

My father recently took a loan from my grandfather so that a business can be opened with it and now I’m the one in charge of the business and according to my father I am the one expected to pay back the money and my father said that he took the money for me and not for himself now my question is once I payback my grandfather does that make me the rightful owner of

Loans

03 Feb

ANSWER: If your father got the loan for you to run the business and expects you to pay it back, then it seems you are the owner of it. Before you proceed on from here, make this on paper and have your father sign it so that your siblings won’t come and demand their right […]