Riba

QUESTION: Is it Halal to get membership in shopping store (like Costco) where they sell bulk items at discounted prices. One has have to pay $60 per year to get the regular membership. For $120 exclusive membership you get 2% cash back annually. Without Membership you cannot shop there. Is this cash back riba? If it is riba, then is regular membership without cash back halal?

Halal/Haram Matters, Riba

08 Jan

ANSWER: The cash back is riba as you are getting it in exchange of a subscription. The 60$ you are paying is also ambiguous as you may pay it and not get any discounts because you didn’t buy anything and you may get much more than what you had initially paid them. Therefore, this is […]

QUESTION: Shiekh, My father want to me to do all his bank works as he didnt have much time , He tell me to do a fixed deposit of xyz amount , invest in Sip, ppf etc. I tell him so many times that dealing in riba is like engaging in war with Allah but he ignores me what to do should i listen to him?

Fiqh of the family, Halal/Haram Matters, Riba

01 Jan

ANSWER: You must not obey him in this regard as there is no pleasing or obedience to anyone at the cost of displeasing and disobedience to Allah. Try to be diplomatic and explain to him that you love him and you would do anything for him but you can’t disobey Allah.

QUESTION: My friend is having a business.he told me to invest some amount of money to him and for that money i invest he will gave me a fixed profit every month .is this come in riba ….. The business he is doing is 100%halal

Halal/Haram Matters, Islamic economy, Riba

01 Jan

ANSWER: This is totally prohibited and its riba, one of the major sins in Islam. You must be part of both profit and loss. You can get a fixed percentage on the capital you invested and not a fixed amount.

QUESTION: If we put riba from the bank account in a separate bank account and give it to other people who ask for money (borrow money), especially people who usually dont return the money to us(If some chance they return we give it to others like them who usually dont return money), and not use for ourself, will it be permissible to do so?

Riba

27 Dec

ANSWER: This is not permissible as this is using the interest money as if it is yours. You must give it immediately to the poor and needy muslims as a form of cleansing your wealth and not to protect it by lending people!

QUESTION: Is it permissible to invest in a company, wich deals with interest, even though the main source of income is halal ?I don’t mean by dealing with interest, that they have a business like a bank. But today almost every company has to deal with some form of interest

Halal/Haram Matters, Riba

20 Dec

ANSWER: When a person invests in a company, he is a partner in it. Therefore, if they deposit money in a bank and take interests or finance their projects by borrowing from interest based banks, this is not permissible and one must not invest in such companies.

QUESTION: Kindly clarify if rent obtained from institutions like banks and insurance companies both of which deal with Riba, is halaal or haraam.

Riba

15 Oct

ANSWER: This is totally prohibited and the income is haram!

QUESTION: I know that buying new bank notes by paying more than the actual face value is riba.But I don’t know about the notes that are now rare or out of the market. So people pay more for them for collection or to sell.

Riba

09 Oct

ANSWER: Paying extra for the notes that are NOT in use anymore is permissible.

QUESTION: My husband took a loan through a bank and invested it with a property dealer (bought plots to sell later). Loan instalment is paid monthly and it’s a four years long procedure. Now it’s been more than a year that we have invested that money. Do we have to pay zakat on that investment and if yes then how to do the calculation as we are still paying the instalments?

Loans, Riba, Zakat

01 Oct

ANSWER: If this property is bought with purpose of selling it after developing it, you must estimate the current value and give zakat on it. But if it was bought to rent it out or to live in it and not to sell it, there is no zakat on it. If the loan is interest […]

Sheikh is buying items in an instalment method permissible in Islam

Halal/Haram Matters, Islamic economy, Riba

01 Aug

ANSWER: If the price is fixed and you are buying from the owner and there isn’t any way that the installments would increase more than what was agreed upon initially, this is permissible.

I am an accountant. I quit my job because it involved recording riba at times. And job hunting. Almost all jobs an accountant can get would involve recording riba. Now I got a job offer in a bank. And this job won’t involve recording riba, but filing reports to authorities. Is it acceptable? Or at least more acceptable to work in a Bank w/o recording riba, than work in non-Bank and record riba?

Jobs, Riba

28 Jul

ANSWER: It’s totally prohibited to work in any department of a riba based bank, even if you work as a janitor, its prohibited and the income is haram and its one of the major sins in Islam!

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