Islamic Finance - In God we Trust | Get Rich Slowly with Halal Ethical Investments and Wealth Growth

Archives January 2015 - Page 3 of 4 - Islamic Finance - In God we Trust

Entering into a partnership with a person who deals with bribes and riba Question There is a businessman who was offered money by a man in order to do business for him, but the one who offered this money deals with bribes and riba. Is there any sin on this businessman? Answer Praise be to Allaah. Firstly: If a person earns money in haraam ways such as riba, bribes, stealing and cheating, etc., and... »

8th February 2015

Where should he deposit his money in these times when riba is so widespread? Question Where should I deposit my money in an age when people have become so negligent and the banks are dubious because of riba, and we have no Islamic banks and keeping the money at home is not safe? I want to deposit my money in a place that is permissible, without committing any sin. And I want to invest it and pay z... »

8th February 2015

Can they make use of the interest (riba) because they are in need? Question My father (may Allaah have mercy on him) died eight years ago. He worked as a taxi driver, and the taxi was in the name of one of my younger brothers (it was not a gift to him; rather that was because of some problems with the insurance, which meant that the taxi should not be in my father’s name). After my father di... »

8th February 2015

Question about interest based on inflation Question It is haraam to pay interest because of inflation. Answer Praise be to Allaah. Yes, it is haraam to pay interest on loans even if that is because of inflation. The scholars are agreed that if it is stipulated that a loan be repaid with something extra, that is riba (usury) which is forbidden by Allaah and His Messenger. Ibn Qudaamah said in al-Mu... »

8th February 2015

Should he buy shares in a company that puts its money in the bank and pays a part of the profits? Question The scholars have said that it is permissible to buy shares that are basically halaal and are put in the riba-based banks, on the condition that 15% of the profit is paid in the public interest. Is it permissible to give that to relatives to benefit from it, such as one’s mother or siblings? ... »

8th February 2015

Depositing money in a riba-based bank Question Is it allowed for me to keep the money in the Bank for transactions only, if i will not take any Interest on the deposited money. But obviously bank will use this interest for themselves Answer Praise be to Allaah. It is not permissible to put money in a bank that deals in riba (usury or interest), and the Muslim should not do that unless he is forced... »

8th February 2015

Can he get rid of interest by giving it to his brother who is in debt? Question I put some money in the bank in return for interest, and I want to purify (my wealth) of this interest by giving it to my brother who is responsible for himself and his family, and also owes money to one of his friends. He borrowed the money to buy a piece of land on which to build a house for his family, as his curren... »

8th February 2015

Ruling on depositing money in the bank, and interest Question We are Indian citizens. We deposit money in the bank…how to deal with the interest given by bank? Answer Praise be to Allaah. Firstly: Depositing money in the bank in return for interest is riba (usury), which is a major sin. Allaah says (interpretation of the meaning): “O you who believe! Be afraid of Allaah and give up what rema... »

8th February 2015

Transferring money from one currency to another Question What is the ruling on money which is transferred from one currency to another? For example, I am paid in Saudi riyals, and I transfer it to Sudanese riyals. One Saudi riyal is equal to three Sudanese riyals. Is this riba? Answer Praise be to Allaah. It is permissible to change notes of one currency into notes of another currency, even if the... »

8th February 2015

Is it permissible to buy things through the Internet, knowing that I have a credit card for paying Question Is it permissible to buy things through the Internet, knowing that I have a credit card for paying through the Internet from one of the banks in Jordan. I put the money I want on the card, and the bank takes one dinar only each time I put money on the card, without any other payments. Answer... »

8th February 2015
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