423 fatwas

  • Interest given by commercial banks is forbidden riba Date: 4-5-2016

    This particular query is only regarding the extra money termed as interest given by banks on a savings account. I have heard people say that interest paid on a savings account is also haram. Interest given on loan is haram, but how can interest given by banks on savings be termed as haram? Here, the depositor gives money to banks, banks use that money.. More

  • Gradual prohibition of riba (usury) in Madeenah Date: 21-4-2016

    When the verses forbidding interest were revealed, how did the Prophet, sallallaahu 'alayhi wa sallam,implement the order in the financial system of the State of Medina? What sources are available for reference in this important matter? .. More

  • Buying gold or silver coins on internet Date: 21-4-2016

    Assalaamu alaykum. I have understood from a previous fatwa on the website that buying gold or silver coins has to be done hand to hand, but I need further clarification on the alternative of having a safe with the seller if the transaction is done online. In my country, there are no coin shops, and buying and selling coins is done online. I am really.. More

  • Taking part in national savings schemes in return for tax rebate Date: 27-3-2016

    I am repeating the same question that I have asked before. You instructed me to refer to similar fatwas, but I did not get my answer in full by referring to the fatwas that you asked me to see. So please answer this question for me: In Bangladesh, if one invests money in a national savings scheme, they can enjoy an income tax rebate of 15,000 taka per.. More

  • Buying property through interest-based contract Date: 23-3-2016

    Assalaamu alaykum. Around six years ago, I and my sister invested our money by buying property through an interest-based mortgage in UK. Now, seeing the effects of indulging in interest, we have decided to repent and sell the property due to religious and personal reasons. The property was put for rent. The tenants used to pay us 1200 pounds, and we.. More

  • Ruling on 'zero percent financing' car purchases Date: 15-3-2016

    Assalaamu alaykum wa rahmatullaahi wa barakaatuh. These days, in the UAE, car manufacturers are teaming up with a few banks to bring so called '0 percent' financing. In traditional financing, like murahaba, for example, the car manufacturer gives a discount to the buyer from the original 80,000 to 70,000, which is a 10,000 discount, and the Islamic.. More

  • Dealing with interest with intention to repent later Date: 15-3-2016

    Assalaamu alaykum wa rahmatullaahi wa barakaatuhu. What is the case of someone who plans to deal with interest (this has not yet happened, but it has happened in the extended family multiple times) for the sake of going to university in the hope of graduating after four years and then consider to repent for having dealt with interest? When asked how.. More

  • Repayment of loan with smaller sum but with interest Date: 5-3-2016

    A few years ago, I took a loan that says that you do not have to pay anything back when your income stays under a certain amount. I knew that it could stay under that amount, so I took the loan. Now, many years later, I am considering working for a few years but with the only reason to give away all the money. Is this allowed or forbidden taking into.. More

  • There is no Riba between a person and himself Date: 26-1-2016

    Assalaamu alaykum. I live in Canada and would like to buy a house according to the sharia. I own an corporation, I am the only employee in my company. I would like to borrow money from my business account in order to buy a house. The law in Canada mandates that I must repay the loan to my company in five years, but with interest, is this loan halal?.. More

  • Renting a house bought with a usurious loan Date: 17-1-2016

    Assalaamu alaykum. Me and my family live in a non-muslim country. I would like to ask a question about a situation regarding me and my husband. My husband’s mother is not a Muslim. After many years of telling her that buying a house with interest is haram and explaining her about the punishment for those who are taking use of interests – she does.. More

  • Dealing with interest-based banks with intention of empowering Muslims Date: 14-1-2016

    Assalaamu alaykum. I live in a secular country although about 60% of the population consists of Muslims. Interest is haram! The majority of our banks are interest based. If we, the Muslims, do not do busines (invest and conduct day-to-day business) with them, then the non-Muslims will control the economy, to our detriment, and likewise with the capital.. More

  • Agreeing to conditions on a government support application Date: 14-1-2016

    Assalaamu alaykum. 1. I live in Germany and want to enter university. The German state gives financial support every month if you need it and ask for it. In order to get that money, you have to fill out some papers so that they know how much money you can demand. At the end of the formula, it says, for example, “I am aware that wrong statements.. More

  • All types of riba are prohibited, not just what is doubled and multiplied Date: 26-11-2015

    Does the Holy Quran contain any contradictions? One of my friends suggests that Surah Al-Baqarah verse 275 forbids us to consume all types of interest. On the other hand, Surah Al-Imran verse 130 forbids to consume interest partially: {O you who have believed, do not consume usury, doubled and multiplied, but fear Allaah that you may be successful.}.. More

  • The need to open an interest-based bank account in a non-Muslim country Date: 26-10-2015

    Assalaamu alaykum dear brother/sister. I face the following dilemma: I live in a non-Muslim country. I am starting my own company and am in need of a business bank-account for money transactions. However, banks pay out interest money on these accounts. I want to stay away from this. They do however have the option to automatically donate the money to.. More

  • Meaning of Muhaqalah does not change by the change of time Date: 3-9-2015

    Are there contemporary applications for the Muhaqalah transaction? .. More