Are Muslims allowed to take interest that banks pay on their money? As we know, banks in US pay interest, so what should Muslims do with the interest ea rned on the money they keep in these banks?
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?
Respected scholar, as-salamu `alaykum. I have a question concerning the acquisition of a hotel by means of a bank loan with interest. I read that the Hanafischolars and the European Council for Fatwa and Research (ECFR) approved that Muslim minorities living in Western countries, under certain conditions, are allowed to undertake transactions that are illicit in Islamic Shari`ah. Thus, in 2006 I decided to buy 30% of a hotel for commercial business by means of a bank loan with interest for a period of seven years. I live in France and no banks give loans without interest. However, I have some doubts about the legality of this transaction and I would like to have your opinion on the matter. If you consider this to be an illicit transaction, what should I do now? Should I sell my share now or continue under the bank loan for another four years? As for the money I have earned for two-and-a-half years what should I do with it?
Assalaamua'laikum,My wife sells gold with payment done on an installment basis that takes 3 to 4 times of payment until it has reached a full payment. It is only with one price. She doesn't sell it cash but through installment. Is it permissible in Islam?JazakallahYasin Malaysia
Sallam 'Alaikum learned brothers/sisters, I live in a country where there are no Islamic (non-riba)financial systems and have a small start-up business of my own that typically requires funding. I currently have an interest paying loan and wish to return it due to the grave consequences of riba.However there are no alternative halal sources. What do I do? will Allah punish me should I continue to use interest money or are there exceptions where no other sources exist? I also have no other source of livelihood... Jaza'akallah Khairan.
Bismillahirrahmanirrahimassalamu aleykum wa rahmatullah Dear ALL, We have got such a situation here,the question is related about what kind of service a company can provide to banks in Azerbaijan, since there is no islamic bank here. First of all, banks in Azerbaijan has two kinds of function. First, customer service of cash withdraw or etc. Second, credit and loans (RIBA).therefore the issue of banks creadit and having interests making us think about what kind of service can we provide to them, since we have companies and organizations too. Some banks are requesting our services. For example, we have a large company, under this we have got ofice furnitures stores, audit and accounting services, other sales stores. If we assume that any bank wanted to get one of ours services, can we offer them any of our services? Is it halal? Or is there any conditions and rules?The other question is, if a person got an offer to work only in bank, but not in a credit section, but in customer service section (cashier), is it possible?
I live in Canada and would like to ask if trading a used car to the dealer in order to buy a newer car from him is Haram based on the folowing two instances: 1. The dealer gives you a very low price for your vehicle.2. At the time of the Prophet SAAS, a companion traded a small number of high-quality dates for a higher number of low-quality dates and the Prophet SAAS told him that it wo uld have been better to have sold the one type of dates and then buy the other type with money and that this type of trade is considered a type of RIBA (I believe that it is called Riba a Nisaa or something like that).Jazakum Allah Khayran
what is the status for working in an engineering department in one of the major governmental banks in Egypt "Halal or haram" ?this work has no relation with any financial works in that bank.
Respected scholars, as-salamu `alaykum.Paid-to-click sites can provide me with some extra income, where I am able to join the site for free and get paid for viewing several advertisements provided by the site. Most of the sites may have some advertisements of casinos, alcoholic beverages, or other things prohibited by our religion. My first question is, can I avoid those advertisements and still be able to earn from that site? Or do I have to avoid those sites which allow prohibited advertisements?Those sites give me a commission for referring other people to the site, and the site will give me a commission every time my referral (the person I referred to the site) views advertisements on the site (e.g. 5 percent of his views earnings; note that this percentage is not deducted from the referral's account but is given to me by the site). Of course this means that if my referral stops clicking at that site, I won't earn any more commission (as long as the referral clicks and earns, I can earn the commission.)These sites also offer upgrades where I pay a certain amount of money to increase my commission for a set period of time (e.g. US$20 to raise the 5 percent to 50 percent for a year) so that now the site will automatically award me 50% instead of the 5% for a year. Also note that this upgrade sometimes includes privileges for its buyer. Is this upgrade halal?One last thing is that these sites sometimes offer referrals for sale, where I can buy referrals who will be placed under me as if I had referred them to the site, so I will be taking commission from the newly bought referrals' views' earnings. Is buying the referrals halal?Jazakum Allahu khayran.
Assalam Aleikum,On question , about the permissibility of retirement accounts that could include stocks, bonds or mutual funds... Did I understand that the only option that is halal is the stocks while others are not?JAK Baha [email protected]
Could you please furnish me with the Fatwa of the Fiqh academy concerning bank interests?
assalam alaikum, my husband works in a bank for the past 4 years as i know that working in bank is haram as it deal with riba my question to u is at the time my husband join the bank we didnt know it was haram but the problem is we are so much afraid about the punishment from allah but the problem is that he cant able to leave the bank as he have too much responsibility we have 3 kids and if he quit the job then how can we survive our financial postion is also not so good we are worried iam very islamic and i upset that all my prayer are gone in vein ,please kindly tell how to get aways from riba,changing the job at this at time is very risky,kindly help.
Some people say that the interest paid on the loans borrowed from banks is not unlawful from the viewpoint of Islam, for it is not that kind of riba that is forbidden by Almighty Allah.Moreover, they say that the statement “Every loan that brings about profit to the lender is riba” is not correct. Hence, I would like to know if there is controversy regarding riba that Almighty Allah forbids.
salam, i have taken loan from lloyds tsb bank on 14 percent interest rate. please infor me wether it is halal or haram.thanks
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?
Dear scholars, As-Salamu `alaykum. I want to know about the interest that the bank gives us when we deposit money. Is it considered haram? If so, what should we do with the interest we get from the bank? Jazakum Allah khayran.
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?
Respected scholars, as-salamu `alaykum.In a country where inflation is growing very fast compared to the economic growth rate (depressing the purchasing value of money from time to time), what is the ruling on interest rate? No doubt, in a country where inflation is growing at an average of 15 percent, the value of money is still depreciating if it is deposited in a bank at an annual interest rate of, say, 10 percent. Is it possible to speak of usury in such circumstances? How is the whole issue of interest rate seen in a country where there are no Islamic banks? Could you kindly clarify?Jazakum Allahu Khayran.
I?m a muslim and have a wife & a son (4 years old). The job that I currently have is very tiresome and has very stringent targets to meet every month. Some of the targets are unrealistic and the company constantly keeps the pressure on. This is affecting me in all possible ways. I struggle to fulfil my religious duties like reading Salat on-time. I don?t have enough time to spend with my family also. I & my wife have reached a stage where we fight all the time as I?m more often than not quite frustrated & depressed with my job. The income from this job is good and we have been maintaining quite a good standard of living, if I quit this job and take up something for which I?m not qualified, the fear is that I may not be able to satisfy my family?s wants and necessities, the way I?m doing now. My question is, is it permissible for me to take up a riba-based student loan for higher studies. This will give me added qualification which means I can migrate to US/Canada/UK and take up a better job which is not so pressurizing. Is it allowed to take this riba-based student loan in this situation? I'm anticipating that I'll be in a position to pay off the loan quickly once I complete my studies and take up a job. Please help me get this answer as I'm not able to concentrate on anything else in life.
Respected scholars, as-salamu `alaykum.What is the ruling on working for an interest-based bank?Jazakum Allahu Khayran.
Salam Shiehk, I am a young muslim lady just married and am working in a non- islamic bank.I have come across the verse which Allah SAW have curse the people who deal with interest and the strong hadith of the prophet SAW,I fear for myself, not that i can't leave the bank but as present my husband is not strong enough to take care of even our basic needs, due to lack of work, and atime i have to step in to cover his shame. I am currently looking for another job but no one yet but i pray Allah will see me through shortly.
I would like to know about the different types of Riba: Riba Al-Jahiliyyah, Riba Al-Fadl, and Riba An-Nasee’ah. What is the difference between them? Thank You!
Respected Scholars Salamwailakum I i am living in india and i have fixed some money in post office it it will get some fixed interest every month. is this haram to take the interest of the money and somebody said that in india it is not haram so please clearify me as per the islamic law and what quran says. and from some past years i am taking this if it is haram what should i do and another thing i am not using this money on my food stuff i am spending on my elect. bills water bills ect. so please guide meallahafiz
Respected scholars, as-salamu `alaykum. Is it permissible to deal in currencies in the foreign exchange market (Forex) over the Internet? What is your opinion regarding the issue of tabiyit (stipulating interest for not using the deal on the same day)? Also, what is your opinion about the clearing process which is to delay submitting one to two days after the contract ends? Jazakum Allahu Khayran.