Riba

QUESTION: My question is that there is an app which allows you to pay in installments but then the price become slightly higher than the original price. Is it considered as interest too and is it impermissible?

Halal/Haram Matters, Riba

09 Jul

ANSWER: If the price is fixed and you are buying from the owner and there isn’t any way that the installments would increase more than what was agreed upon initially, this is permissible. But if there is a 3rd party that is doing the financing or the price would go up if you are late […]

QUESTION: Indian government-backed companies offer long-term investment schemes, such as paying ₹6,000 monthly for 17 years to receive ₹25 lakhs after 20-25 years. Is it halal or haram to invest?

Riba

30 Jun

ANSWER: This is totally prohibited as fixed profit is riba and one of the major sins in Islam for which Allah has waged a war against people who deal with it (riba)

QUESTION: You mentioned in your previous response that it is not permissible to impose late fee on deferred deposition in fund when any members fail to deposit within the deadline every month, even if there is no lending/borrowing but only fund raising taking place. Is this because the late fee is riba or for other reasons?

Halal/Haram Matters, Riba

25 Jun

ANSWER: When someone is late for paying a commitment, this commitment is a loan and any late fee would be riba

QUESTION: My dad invested wd a friend, business went to loss for both of them but his friend asked fr money & its not easy for me to pay bec im the only earner. I try to pay some but Its not easy & im very depressed. I want to save for my future & household expenses. Am I responsible to pay the debt off? How do I relieve my parents akhirah bcz of the debt. They are helpless.

Fiqh of the family, Riba

02 Jun

ANSWER: No, you’re not responsible to pay off his debts! If he went into business and he lost the money without transgression or negligence from his side, he is not obliged to return a penny to his partner as this is the essence of halal business where the loss happens on the capital money and […]

QUESTION: I told my father if he could buy me a bike but now issue is he would do an interest based loan for bike. Would I be sinful. I told him not to take loan it is not that needed

Fiqh of the family, Riba

17 May

ANSWER: You’re not sinful if he’s the one who takes it on interest. You must not sign any interest loan documents.

QUESTION: Can I give interest money as wedding gift? Usually we gift the money envelope after having the wedding buffet.

Halal/Haram Matters, Riba

23 Apr

ANSWER: This is not permissible!

QUESTION: Is it permissible to give interest money to a care home for kidney and leukemia patients they also conduct iftar and i have gone for their iftar

Charity, Riba

03 Apr

ANSWER: No problem but you shouldn’t eat from that which you have given.

QUESTION: I am jobless and staying with my father. He is forcing me to write down the names and phone numbers of people to whom he lends money. This involves riba (interest), which he justifies as a business practice. My mom has asked him to stop, but he is not doing so. He will not be convinced that it is a major sin. What should I do?

Fiqh of the family, Halal/Haram Matters, Jobs, Riba

15 Feb

ANSWER: You must not help him in any way in this haram business of his or you will share the same amount of curse he is getting from Allah for such a major sin

QUESTION: Can i give the interest money to poor non-muslims in order to cleanse my wealth?

Charity, Riba

13 Feb

ANSWER: No problem However, our poor Muslim brothers & sisters have rights upon us to take care of them first.

QUESTION: I had selected one property which would be purchased by the financing agent first and then they will be selling this property to me at a fixed rate that I will be paying in installments for 5 years. It is Ijara contract type, insurance cost is covered by agent. After the contract duration property will be transferred to me. Is this transaction is free of Riba.

Loans, Riba

09 Feb

ANSWER: If the financing company buys the property and actually own it without any commitment from your side to buy it and without any down payment, this is permissible if they sell it to you with a fixed final price that can’t change or be increased under any circumstances. But if they take a written […]

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