Riba

QUESTION: I bought house w/riba-mortgage & get rent. I realised this major sin 6 month ago and been exploring Islamic finance since (failed). I can only sell house after 6 months. Can I keep (1) rent and (2) profit from sale of house? Or best give to charity for repentance?

Riba

08 Feb

ANSWER: The harm has already been done when you singed the contract and agreed to pay the riba. Either the payment with riba is fixed and can’t be increased at all, and in this case, you can continue to pay it off as it doesn’t matter whether you pay it all at once or over […]

QUESTION: I (FEMALE) live in USA and want to pursue higher education in medical field which is quite expensive. And my family is not that well off. Student loans charge 15% interest…and interest is haram. What should I do? If I take a student loan, will everything after that, including my education and job be considered haram?

Jobs, Loans, Riba

06 Feb

ANSWER: This is totally prohibited and one of the major sins in Islam for which Allah has waged a war against someone who deals in riba. It is very simple: If you can’t afford it, don’t do it!

QUESTION: I am a Muslim revert and I took out a student loan before I became muslim. After becoming muslim I became a housewife and had kids. I have not had an income since then as I have always had a small child to care for. My question is, am I obligated to pay this student loan and will the debt keep me out of jannah.

Loans, Riba

21 Jan

ANSWER: As long as you don’t have money to pay it off and their system is that if you are not earning, then you are exempted from paying it off, there is no problem.

QUESTION: I got a job offer at a bank as a software developer, not as a banker, will I be sinful if I develop programs that may or may not be used by the bank for Riba-based operations ? In general, am I liable for programs I develop that CAN be used for wrong but are intended for good ?

Jobs, Riba

19 Jan

ANSWER: This is totally prohibited and the income is haram as it is not permissible to collaborate with them on evil and vice and you are not allowed to work there even as a janitor.

QUESTION: I took a loan from bank to complete my studies at that time i signed an agreement that it will be an interest free loan but now at the time of repayment i was informed that i have to pay an interest of $60 on the principle amount as the policy changed. Now i have to pay this interest with the principle amount as well. Can please someone guide me that how i can islamically void this interest?

Loans, Riba

14 Jan

ANSWER: You must challenge it and refuse to pay it as this goes against the initial agreement and had you known that you would not have taken the loan. If you could not fight it legally and was forced to pay it, then you can pay it without any sin on you.

QUESTION: If there is an Islamic bank near my house but still I open a current account(that doesn’t give any interest) in an unislamic bank that deals with riba and keeps my money in that bank,am I sinful?

Halal/Haram Matters, Riba

25 Dec

ANSWER: Yes, you are sinful if there is no legitimate reason for that as you are helping them in their work and they are using your money to lend it to others with interest.

QUESTION: Is it permissible to buy “Gold bonds” issued by the government. They are bought and sold at market price with no tax on the profit. Once we buy we can only sell them after 5 years. They Also pay 2.5% interest but we can throw it away. Buying real Gold coins are bought and sold at more and less price than market and the profit is taxable.

Halal/Haram Matters, Riba

21 Dec

ANSWER: This is not permissible.

QUESTION: If I receive money mixed with some interest as a gift, can I take it or should I try to work out the amount of interest and dispense it?

Halal/Haram Matters, Riba

20 Dec

ANSWER: If this is a gift, you can keep it all as the sin is on the person who earned the interest and not on you.

QUESTION: If something is bought through riba, does that count as something you bought with haram money and have to give sadaqah in the worth of the product? Because my earnings are halal in shaa Allah but the way of purchase was not.

Halal/Haram Matters, Riba

08 Oct

ANSWER: If a person buys something permissible with a riba-based loan, he has to repent to Allaah, and there is nothing wrong with him keeping or making use of the permissible thing, and he does not have to sell it.

QUESTION: An Islamic bank in Kuwait offers a service where they sell me a product and I pay it in instalments. I own it but I don’t have possession of it. Then they sell it to another client on my behalf and whatever I sell for I receive the money into my account. Is this permissible or is it still riba?

Riba

29 Aug

ANSWER: This is not permissible as you did not see or possess the product and you aturhotized the bank to sell it for you and you don’t know whether they actually had a product to sell and then resold it on your behalf or this was just a game to lend you money with interest.

More..