Riba

QUESTION: I have taken a loan to start a business and its incurring interest. How do i avoid the consequences of riba? Should i give the interest amount in charity ?

Loans, Riba

06 Dec

ANSWER: When you pay the lender interest, this is when you are cursed by Allah for taking the riba based loan! Giving extra to charity won’t help you at all as you are not the lender who is accepting the interest. Repent to Allah, feel remorse and ask Him for forgiveness and pay off all […]

QUESTION: Sheikh please guide if we can give our property to a bank on a monthly rent basis? Is it’s monthly rent halal on us??

Halal/Haram Matters, Riba

27 Sep

ANSWER: This is totally prohibited and the income is absolutely haram if its a conventional riba based bank!

QUESTION: Can we take loan on interest in case of any emergency like medical emergency?

Loans, Riba

22 Sep

ANSWER: No, this is not permissible It’s a major sin and Allah has waged a war against people who deal with riba!

QUESTION: I work for a company. My job is to convince people to invest in shares. There are lots of different shares, halal and haram. I let them choose a few of these shares. I encourage them to invest in halal shares but as i am in the west, they sometimes choose haram ones. And after they invest, i get money from my company. And i dont get money depending which share. Always same amount.Is it halal?

Jobs, Riba

10 Sep

ANSWER: The money in which you facilitate and collaborate with them in sin is haram. You should not work in such a field as the vast majority of companies work with riba financing and depositing.

QUESTION: Is my income from working at big 4/ professional services firms’ halal? As they have a mix of halal and haram activities and clients. Like is it okay if I work in IT or consulting department and avoid banks as clients?

Jobs, Riba

09 Sep

ANSWER: I don’t know what the line of such firms is! If they are a financial group where the majority of their work deals with riba and consultations and auditing, it is not permissible to work there as IT or any other position.

QUESTION: I work for a company. My job is to convince people to invest in shares. There are lots of different shares, halal and haram. I let them choose a few of these shares. I encourage them to invest in halal shares but as i am in the west, they sometimes choose haram ones. And after they invest, i get money from my company. And i dont get money depending which share. Always same amount.Is it halal?

Jobs, Riba

06 Sep

ANSWER: The money in which you facilitate and collaborate with them in sin is haram. You should not work in such a field as the vast majority of companies work with riba financing and depositing.

QUESTION: Sheikh, I have received a very small amount of money(less than a dollar)in one of my bank accounts as interest. To purify it, should I withdraw the money from that exact bank or I could do it using the money which I am holding in my pocket?

Riba

02 Sep

ANSWER: You can give it from anywhere, it doesn’t have to be from the same bank as the interest money is PHYSICALLY not najis

QUESTION: My dad invested 4.5 lakh in my name when I was small, in a scheme to double it. After 10 yrs it doubled to 9 lkh. Again, when I was still a minor, he doubled it to 18 lkh. Now as I’m above 18 yrs, he told me to sign the docs to redouble 18 lkh. I knew it’s Haram, but I forcibly signed unwillingly. He told me that all that money after doubling i.e 36 lakh, belong to me. Is that money halal for me?

Fiqh of the family, Halal/Haram Matters, Riba

07 Aug

ANSWER: Once you signed it yourself, the interest generated from it from the time you signed is haram money and you must dispose it off to poor and needy Muslims to cleanse your wealth besides repenting to Allah for signing on the haram transaction and never sign again. You can keep the capital invested (18 […]

QUESTION: I invested in a tax saving mutual fund since last two years which has around 30% of their portfolio in interest based banks. As soon as I got to know it’s haram, I stopped it. But what should I do about the already invested amount?

Halal/Haram Matters, Riba

22 Jul

ANSWER: Take the capital that you invested and give away whatever the interest that you get to poor and needy Muslims to cleanse your wealth of haram income without anticipating any reward for it.

QUESTION: If a bank gives me $100 in interest and deducts $20 for tax, I end up with $80 instead of $100. I want to give the interest to needy or poor people. Should I give the $80 or the original $100?

Riba

08 Jul

ANSWER: $80

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