Riba

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.

QUESTION: In my country, there is a system where the government will pay you to save money. The way it works is like this: you set up a saving account with the government; then you put money in it monthly; after 2 years, the government will pay you 50% of what you paid. So if after 2 years I saved 500, the government will give you 250. Is this halal?

Riba

29 Jan

ANSWER: This is totally prohibited and comes under riba.

QUESTION: Sheikh my father has a savings account so without his consent can i give interest money from account to needy peoples.

Riba

27 Jan

ANSWER: No. This would be stealing as its not your money!

QUESTION: I live in India. As I am working, every year we have to pay income tax. There is an option to avail tax deduction against income earned from bank savings, like if the income earned from bank saving is more than 10,000 we get some tax deduction. Is it permissible to avail this option?

Riba

24 Jan

ANSWER: No problem, if you have a savings account (providing you do not have the option of current account). You must not opt for saving accounts or riba based accounts just to escape taxes. You must dispose off any interest that you get to cleanse your wealth of this haram money, without anticipating any reward […]

QUESTION: I have heard from a sheikh that if u pay interest it is not a major sin but still a sin but if u gain interest it is a major sin is he right

Riba

23 Jan

ANSWER: No, absolutely not! This so called sheikh doesn’t know what he is talking about! It’s a major sin, whether you pay it, receive it, witness it or record it. They are all cursed and in equal in the curse of Allah as stated by the prophet salla allahu alaihi wa sallam.

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