Islam Web

Fatwa

  1. Fatwa
  2. Fiqh of Transactions and Inheritance
  3. Riba (Usury)
  4. Dealing with usurious banks

 View By Subject

85 fatwas

  • Money notes from usurious banks not unlawful Date: 19-7-2016

    Assalaamu alaykum. I live in Bangladesh. There are many Islamic Banks nowadays. Let us assume that all of them are Islamic. Nevertheless, they have to deal with the money notes of the Central Bank of Bangladesh which is a 100% interest-based bank. Some of my friends say that Islamic Banks cannot be halal because the money notes that they use come from.. More

  • Depositing money in interest-based bank Date: 6-7-2016

    I have a mudaarabah savings account in an Islamic bank, and my father has an interest-free savings account in an interest-based bank. My father gives me a certain amount of money to deposit in my account. After some days, however, he asks me to withdraw the money from my account and also asks me to go and deposit the money in his own account in the.. More

  • 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

  • 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

  • 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

  • Depositing money in a current account in a usurious bank Date: 15-4-2015

    In pakistan, there are mainly 02 types of accounts that can be opened in a bank, saving account and current account.In saving accounts, we get riba on our deposits. Where as in current account types, the account holder do not get riba but the money in his account is used by the bank for getting ribaOne of the current account types is the account known.. More

  • Ruling on opening a current account in a Riba-based bank Date: 10-10-2014

    Asallam u Alaikum, I keep my money in Barclays Bank in the Uk and don't take any interest as it is a current account to keep my money safe. I have heard there is no bank here that is completely interest free(even the islamic bank). Recently I heard this bank where I keep my money is a major shareholder in an Israeli arms company(I'm not sure if this.. More

  • Ruling on scholarships offered by a Riba-based bank Date: 24-2-2014

    Asalam aleikum A riba based bank wants to offer scholarships for students in our area where majority are muslims, it has done this in other parts of the country also. The sheikhs in the area have met to discuss about it, some saw nothing wrong with accepting them but others preferred to make more research hence I decided to ask your opinion. 1. Is it.. More

  • Paying ATM card fees from bank interest Date: 1-2-2014

    Assalamu alaikum Here in india banks deduce a amount from our account yearly as a atm card fee. I want to know the ruling of using the interest money they give, for paying this fee? Pls direct me to know what can all be done with interest money in detail .. More

  • Ruling on accepting gifts from a Riba-based bank Date: 1-11-2013

    i have a savings bank account and i dispose off the interest given by the bank. But bank also gifts its customers a yearly calendar, dairy or wallet, can i take it? If not ,then what should i do with previous gifts? .. More

  • Impermissible to cooperate with a Riba-based bank Date: 11-8-2013

    dear brother, we are solar energy company in pakistan. can we sell our product to a bank and then bank further finance on installment to his customer. Selling and marketing is on bank and bank will charge margin for its services and leasing. We will not involve in financing, we will install solar at customer home and bank will make us full payment one.. More

  • Ruling on cash back on a debit card Date: 28-3-2013

    I have a savings bank account in a riba-based bank in India (Please note that their are no Islaamic banks in our country and I have read about the ruling on this issue).I take the interest from the bank and give the compelete amount in charity. If we use banks DEBIT card we get: 1% Cashback on all purchases. Re. 1 back for every Rs. 100 we spend. Is.. More

  • Cheque cashing from a non-Islamic bank Date: 23-10-2011

    Assalamu alaikom, I would like to know what is the ruling on cheque cashing from a non-Islamic bank if no Islamic banks are available.There are ,however,small businesses that provide this service as well for a fee.What is the better alternative islamically? I would also like to know whether it's true that a cheque should only be cashed from the same.. More

  • Your taking a car loan has nothing to do with your income Date: 9-10-2011

    Assalamualeyikum, I have taken an auto loan for my car & i pay EMI per month which has two portions - Principle - Interest I didn't had capacity to purchase a new car so i took loan, Is it allowed? Also e.g. if i am earning 50,000 & paying 2,000 as interest per month then will my entire 50,000 would be considered as haraam? does this means.. More

  • Taking a loan from a Riba-based bank to start a business Date: 26-12-2010

    Assalamu alaikum! I am a nigerian working with an interest base bank, i tried hard to get another job but all my efforts are in vain,is it permissable to apply for loan from same institution which I can use to start up my business? Allah bless... More

Search Fatwa

You can search for fatwa through many choices

Fatwa Subject

Discover Islam

Other Links

Multimedia

Special Folders

Services

Languages: