Riba

Can I open a savings account and can I use the interest money to pay my taxes?

Riba

19 Jul

ANSWER: If there are no Islamic banks in your city and if the conventional banks do not have the option of current account, in this case you can open a savings account. However the interest money is haram and you must dispose this off to poor and needy Muslims in order to cleanse your wealth, […]

Can we pay loan from the bank interest?

Halal/Haram Matters, Riba

08 Jul

ANSWER: No, this is not permissible as interest money must be disposed off to poor and needy Muslims in order to cleanse your wealth and you CANNOT utilize it for your personal benefits.

Sheikh i am working in the project credit card process for the external client but i am not getting salary for them, i am getting salary from my organization which is having lots of halal projects i.e working for external client, i am receiving salary from my organization is that permissible or not ? please explain i am confused

Jobs, Riba

13 Jun

ANSWER: It is totally prohibited to work in this project as it involves riba which is a major sin and your income would be haram as well as you are the one processing and facilitating this riba based process.

The account am using always gives me interest every month I normally calculate d interest out of my balance and take it to orphanage I don’t know if am doing the right thing.can I also give the interest to my brother,father,mother or guidance who doesn’t have money? I need more enlightment on this.

Halal/Haram Matters, Riba

25 May

ANSWER: You can give it anyone who is classified as poor or needy Muslim. INTEREST MONEY:You must dispose off this interest money to poor and needy Muslims in order to cleanse your wealth of this haram income, without expecting any reward for it.

A sister has taken a loan from the bank by keeping her gold jewelry as a mortgage. Does she has to pay zakah on this mortgaged gold?

Riba, Zakat

22 Apr

ANSWER: It is prohibited to take interest based loan from a bank. The gold and silver kept with the bank as mortgage is still zakatable.

I have a fixed deposit in the bank which is matuaring in 1 year. Do I have to pay Zakath on it. The profit is shared only at the maturing time I.e. 1 year

Riba, Zakat

29 Mar

ANSWER: If the amount is saved for one lunar year and the amount reaches the nissab then you have to pay the zakat on the full amount. If this is a conventional bank, this is clear riba and it is one of the 7 major sins in islam.

Sheikh, is ….. invest in USA halal? Can I invest money with them. Jazakallah

Riba

09 Mar

ANSWER: I don’t know about their dealings and I can’t judge without knowing! If such a company has a well-known board of sharia scholars governing their investments, this is permissible. If they give fixed profits, this is prohibited. One must be careful when dealing with such companies so that they don’t turn out a Ponzi […]

Long time before I got insurance policy which is due for maturity.I don’t want to use the interest earned as I don’t want to use this for myself now.

Insurance, Riba

07 Mar

ANSWER: Interest money must be given to Muslim charity in order to cleanse your wealth without anticipating any reward for it and not be used for personal gain.

Sir, is kind of empowerment that government gives money to individual to invest in agriculture and later return the money instalmentaly ,to have capital on his own. i think it is wit interest.

Riba

21 Feb

ANSWER: This is clear riba if it has anything to do with interest and it is one of the major sins in Islam and totally prohibited.

Can I use the interest which I get from my bank account to pay taxes?

Riba

12 Feb

ANSWER: No, this is not permissible as you must not benefit from this interest money. You must dispose this off to poor and needy muslims in order to cleanse your wealth from this haram money.

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