Riba

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.

QUESTION: My question: amazon has an app (Smart Store) we deposit an amount in their account/app. Amazon sells products worth that amount of th we deposit and will pay us 3% profit everyday (eg. On 100 dollars everyday amazon will pay 3 dollars and at the end of day will have 103 dollars in our account). Is this Halal or Haram ?

Riba

27 Apr

ANSWER: This is totally prohibited as this fixed profit is riba and one of the major sins in Islam. Besides, you don’t know what they had used your money in selling or whether they sold anything or simply deposited and took interests on it from a bank.

QUESTION: I have a question regarding trading in the futures market. I know that they want a percentage and that is called riba and that is haram. But, recently I have come across a platform that doesn’t charge any fees. The platform is called Gate.io I think it is halal to trade futures in this platform because:

Halal/Haram Matters, Riba

21 Mar

ANSWER: In Islam, it is prohibited to sell what you don’t actually possess. You are bidding over a speculation of stocks that you don’t own! This is gambling and prohibited transaction. Some scholars say that one can buy it if the financing is less than 30%, but I couldn’t find any evidence on such an […]

QUESTION: If a student is applying for trainee program in a conventional bank, the stipend he/she will get and benefits that bank is offering such as reimbursement for exam fees and study material costs, would all be considered as halal/haram??

Jobs, Riba

15 Mar

ANSWER: It’s totally prohibited and a major sin to work in any department of a conventional interest based bank and the income is totally haram, even if you work there only as a trainee. Interest money is riba which is one of the major sins in Islam for which Allah waged war against those who deal […]

QUESTION: My sisters husband is a bank principal officer earning handsome salary from a haram commercial bank. He is going to buy a flat in city by 0% interest rate which will be given him from his bank. The amount will be cut from his monthly salary as installment. Now will it be halal or permissible for my sister and her child’s to live in that flat?

Loans, Riba

27 Feb

ANSWER: His income is haram due to the nature of his job. However, it is haram for him alone and he will be punished for it all. His family can live there and enjoy it as it is halal for them.

QUESTION: I went to the bank to change my money in notes to coins to be used for sadaqah, or personal spending. For example, I would like to change $50 notes to $50 in fifty cent coins. However, the bank is charging additional fee for this. Is this consider riba?

Riba

06 Feb

ANSWER: Yes, this is riba and it’s not permissible at all.

QUESTION: Is it permissible to exchange coins to paper money from the same currency and pay the bank 7 Euros as an exchange fee or use a machine that does the same thing but takes 10% from the coins as an exchange fee.

Riba

30 Jan

ANSWER: This is not permissible as this is clear riba.

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