Riba

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.

QUESTION: I’m a finance lawyer in a law firm. Our clients are banks and borrowers. We prepare loan documents (interest bearing) and security/collateral docs. We are paid a fee from the borrower for this work. Is this job permissible, makruh or haram? I’m not employed by any bank and don’t consume the interest myself.

Jobs, Riba

20 Aug

ANSWER: If you assist people in paying off their interest based loans or reaching a settlement or rescheduling such loans or to enforce them pay off the interest and the likes, all such work is assisting on riba.

QUESTION: Is AppleCare+ Halal specifically? It’s can be added to a purchase of an item from Apple so the order total includes the AppleCare+ service. It can be paid monthly or one time payment for 1 or 2 years etc.

Halal/Haram Matters, Riba

19 Aug

ANSWER: This is not permissible.

QUESTION: There’s a man who has a building.He needs some cash urgently.So he gave us an offer that if we give him ‘x’ amount of cash, he will give us a flat in his building and we can take its rent for a year. After a year, we have to return him the flat and he will return us our cash money. Ruling on this?

Halal/Haram Matters, Riba

12 Jun

ANSWER: This is clear Riba and it is not permissible.

QUESTION: A supermarket in our residential area has a membership program. I need to pay 200 Bangladeshi Taka to enroll in this program. Then for every 100 Taka worth of purchased goods, they will reward me with 1 point. I can use these points in my next purchases side-by-side with real money. In that case, 1 point is considered 1 Taka. Is it permissible to enroll in this program?

Halal/Haram Matters, Riba

29 May

ANSWER: This is totally prohibited.

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