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View By Subject 439 fatwas
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Increasing the installments of a house in return for delay in payments
Assalam Alikom, I have asked about how a contract should be set up if someone wants to buy a house in the West from a financial institution. You said if the bank bought the house first, then sold it back to me with a mark-up it is halal. My question is: do the installements have to be equal throughout the length of the sales contract? You see, financial.. More
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Depositing money in a usurious bank just for safety
salam, i have a doubt about bank deposit,i deposited my money for a time deposit then my intention is not because of interest just for my safety of my money,is it haram and what about the interst i can give to the needy people,so that i will be from the sin of interest,what if i put my money in a normal bank account,is permissible?pls i need an.. More
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Her father deposited her money in a usurious bank against her will
My sister sold her business and has received a large sum of money, which my father is safeguarding in his bank as my sister is living abroad. My question is will my sister be held responsible for the interest that my father accepts from her money? She has warned him not to accept the interest and has shown her disapproval, but he still insists on taking.. More
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Avoiding financial dealing with someone whose earnings are forbidden
In your Fatwa 85295 "It is safer to avoid financial dealing with one whose wealth is a mixture of Halaal and Haraam" you advised the sister to avoid tutoring the banker. My question relates to Fatwa 90517 "Interest free mortgages through an English bank", where you quoted a Hadeeth related to the Prophet, sallallaahu alayhi wa sallam, and his companions.. More
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Taking usurious loan to achieve lawful purposes
Is there any good day to be scheduled for marriage? Or it is a sin to ask questions like this. How about the position of the head of the bed or the position of our head (example, to Qiblah, etc.). When sleeping anytime especially at nigh (its good and bad positions)? Is the money taken from loan (with interest from the bank) to be given as dory.. More
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The one who accepts interest and the one who pays it are cursed
This is regarding interest or bank loans. Not a single verse in the Quran states that giving interest is Haraam. It is only for taking or eating, not for giving. Even the Saheeh Muslim Hadeeth which is quoted (No. 1597 and Hadeeth No. 1598) talks about the one who eats, one who writes and one who arranges (agent). The Arabic word is Mu-ke-Lahu,.. More
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The difference between Ribaa and Haraam
Can you help me to differentiate between Ribaa and Haraam? .. More
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Paying a non-refundable deposit as a sign of seriousness when buying through an Islamic bank
In the Muraabahah home-purchasing schemes in the West in which a home buyer selects a house and the Islaamic Bank or Islaamic Mortgage Company buys the house in its (Bank's or Company's) name and then resells it at a marked up price to the buyer, is it permissible for the buyer to contribute part of the initial price the Bank will pay to acquire.. More
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Investing money in government projects in return for fixed profits
Is it permitted in Islam to invest foreign money in the government wage earner scheme and take the specified rate of interest declared by the government? Is it sin like all other interest based banking project? .. More
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Getting a loan with interest to reduce taxes
I am living in India. I have to pay very high taxes every year. This amount is deducted from my salary and I have no control over it. I have no house of my own. But if I take a home loan then I can reduce this tax. So do I keep paying high taxes every year with no benefit or take a loan and reduce the tax. The tax which we pay are misused.. More
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Tawarruq through Islamic banks
What is Tawarruq? Is it allowed? Actually some of the Islamic Banks are following this methodology for offering the loans to their customers. For example, if somebody needs a certain amount so the bank is asking to them to purchase the metal, other than gold, on installment. Of course with the profit to the bank. Then they are facilitating.. More
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Giving certain monthly percentage depending on the deposit amount
I am living in Istanbul, Turkey. We have few financial organizations here who claim to be performing Islamic interest-free banking, though they pay extra money for your deposit.
Now, I wanted to put some money in such an interest free financial organizations and so I went to one of them and discussed with the manager about their work system... More
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Dealing in Ribaa to avoid taxes
I am working in India, we were strictly avoiding interest payment or receipt, but some parameters made us rethink which are as follows - I am paying approximately 25% of salary as income tax, being a joined family there is no saving. Government gives concession in income tax on savings and specially for home lone - principle amount as well.. More
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His company offered him to buy a car by taking loan from banks
my husband is working in an international company in Egypt. i don't have a car and I am using the company car.he has been promoted last month and they offer to him to buy a car by taking loan from any bank and they will give me the amount of the car loan with my salary divided on 5 years as i take the money from them and give it to the bank. If.. More
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Taking an interest based loan to pay one's debts
I purchased my new appt/home since 4 years on monthly installment payments to landlord and when ever I couldn't pay the monthly payment I use to loan from friends and family.
Today after 4 years I am done with all the house payment but two obstacles I have now to pay loans I took from family and friends and I have soon register this house.. More
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