I went to an Islamic bank to deposit my money, and there I found a sign board saying: "The bank gives 9% interest." What is the difference between an Islamic and non-Islamic bank if both give interest? Please clarify this issue to us!
Is the Murabahah in Saudi National Bank Halal? If you need the procedure, please advise.
As-Salamu `alaykum. I work for a bank where I encode checks. I want to know whether my earnings are halal or haram?
We are involved in an environmental project in which we give bank guarantees for the investors. We tried the only Islamic Institution (Amana Investments) in Sri Lanka to get the guarantees with 100% cash collateral, but very unfortunately they refused without any valid reason. Since we are in a non-Islamic country can we go into a state bank to issue guarantees as security for the investors? Because to get investors to this project we are forced to issue a bank guarantees as a security. Please do advice.
I would like to know about Riba or usury in Islam. Allah Almighty says in the Qur’an that “those who devour usury will not stand except as stands one whom the Satan by his touch hath driven to madness.” (Al-Baqarah : 275). The Qur’an describes the grievous sin of dealing in usury by describing those who deal in it using the word ‘devour’, what about a victim of this action? Is it similar to devouring usury or it is not sin? As a Muslim I can't run away from taking a loan from bank, as we know that bank will charge us an interest. Are we sinners or not? And how can we escape from such bad dealing that is prohibited in Islam?
I have heard that dealing in foreign currency is halal. The question is about a more specific action in this deal. Where we have two actions: 1- Long Deal: Where you buy now and sell later ($ against a major currency). 2- Short Deal: Where you sell now and buy later.The first one is clear, where you buy s omething and sell later on, but the 2nd one you sell what you don’t' own, so what is the Fatwa about this.
If a person owns stock and the stock splits, does that make it Haram (unlawful)? Are dividends Haram (unlawful)? If so, then what exactly do you mean by dividends? Jazakum Allah Khayran
As-salamu `alaykum. Due to privatization of certain firms, the shares of these firms are offered to the public for buying at a fixed rate. The public then sends in requests to the company to purchase these shares as they are speculated to sell at a higher price once they are listed on the stock market. Since the number of requests made far exceeds the shares offered, balloting takes place and the successful and lucky are offered the shares. Once the shares are issued, they are sold at a higher rate at the stock market. Is it permissible to take part in these public offerings of shares?
how is buying things on installment haram,as the seller is only taking more money for his services and the benefit that he is providing to the buyer? even though all installments are fixed.then how come its considered interest? my second question:is leasing haram and why?
I recently graduated in the field of marketing. My father insists that I work for finance and he wants me to work for an investment bank in the USA to gain experience in the field of investment. I know this is a technical field and so I want to know if it is permissible to work for an investment bank or not and are there particular areas in which I could work for this bank? If not are there other investment institutions whose operations are lawful in the USA?
As-salamu `alaykum,What are the allowable forms of money according to the guidance of the Qur'an and the teachings the Messenger of Allah (peace and blessings be upon him)?Are central banks permissible? If money is allowed to be only in the forms allowed by Almighty Allah and His Messenger, will a central bank be necessary?It is money that determines the types of economies and economic structures a nation and the world may have. We now have the central bank, which loans money to the governments. This is why we are indebted. Every currency in the economy comes either from the governments owing money to the central bank or from private citizens owing money to the neighborhood bank.Money in the system comes either from a printing press or from a computer keyboard. That is why we have inflation: There is too much money in the system, and thus the prices rise because the sellers of merchandise see all the excess money and they increase prices in order that they may have some of it.The fundamental point is that the money is added to what is already there, and it is lent with interest, which leads to the necessity to print or type more money. The Islamic system of money is what I am asking about. And if you would grant me the barakah, what are the nuts and bolts of the Islamic system of money and economics?May Allah confer His mercy upon you! Jazakum Allahukhayran.
As-Salamu `alaykum. Why is it haram to have a mortgage? What alternative would you suggest to people wishing to own there own place? If there are no Islamic banks, so in such a situation why can we not take a mortgage? I personally see renting as "dead money", at the end of the day what you are paying for is not yours. What is your opinion?
I would like to know whether borrowing money from banks to do business is halal or not?
Respected scholars, as-salamu `alaykum. What's Islam's stance on insurance? Jazakum Allahu khayran.
Assalamalaikum, My father has three business in Dubai.In running those businesses he took the support of banks...later proper feedback was not put into business as funds were used in different purposes .Resulting in losses and debts.Now we realized that running business through banks support was a mistake and we are worried how to face our debts. Please enlighten this issue in the light of Islam as I don't know whether it is lawful to take support of banks to grow in business?