Giving earned interest to charities and others : interest money

السؤال

AssalamuAlaikum brother Thank you very much for your valuable time. I really appreciate all the effort you have put into your website. It has been a valuable source of information for me. Please could you guide me for the following points ? 1-In the UK the government provides new born children with £ 250 to invest in a trust fund or savings account. Now the only one available which is 'Shari’ah compliant' is provided by the children’s mutual. This company is mainly a company that deals in interest and invests in Haram organizations, but provides this service for Muslims (similar to HSBC bank). They invest money according to the FTSE Shari’ah Islamic index. This index requires investors to pay 5 % of any dividends. I believe this is also the same with the Dow jones Islamic index. I have read in many Fatwas that purification is also required of any capital gains. Now because these indexes do not stipulate purification on capital gains, does this mean that these are not in fact Shari’ah compliant, and is my Childs money that is in this account Halal ? Otherwise I could deposit money into a traditional interest bearing savings account and discard of the interest. Purification is required of both dividends and capital gain, if you cannot acquire info you should do it to the best you can guess. 2-The Islamic bank of Britain invests savings of their investors according to the FTSE Shari’ah index. Therefore only pays purification on dividends and not capital gains. Should I deposit my money with the IBB ? Yes you may deposit with it because it is better than conventional banks, you still make a guess on the purification of capital gain 3-On Islamonline.net an Egyptian scholar said that money from shares should not be used for Hajj as this money is doubtful due to company involved in interest. Is this the case with money deposited in Islamic banks that follow the Dow Jones and FTSE Shari’ah index where only money from dividends are purified and not capital gains. If this is the case is it better for me to invest in 'Islamic bank' or a traditional bank. Money from interest should be given to Muslim charity and must not be used for Hajj or any other spending of yours because it is not yours ! Money from Shari’ah compliant investment can be used for Hajj. OF course, Shari’ah compliant investment in the west requires purification as mentioned above because this investment is based on tolerating small evils ! Remainder can be used for Hajj. 4-My family bought the house we live in 1999 on interest mortgage. They did not look for a Islamic mortgage, but there was none available at that time anyway. In 2007 my brother and I purchased another house to rent out. This was again on traditional mortgage. My brother done all the dealings as I didn’t know anything about it. We bought it so when my family and my brother’s family grow, we have enough accommodation. My question is, if this transaction is Haram, does it mean that when one of us lives in it in the future we will be committing more sin ? Any surplus income we make from it through rent - is this Haram ? If for some reason we sold the house, would the proceeds we make be Haram ? It is not Haram for any of you to live in this house, this reduces the mistake ! Price differential should you sell it is not really Haram because it is a difference in value of house not on the loan. Yet, the fact that it is bought by interest loan make a serious point that needs purification through charity and good deed, there is no amount of this charity and its maximum is the full price differential Ali

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تاريخ النشر

2009-09-28

التخصصات الرئيسية

العلوم المالية و المحاسبية
الأديان
الدراسات الإسلامية

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• الفقه الإسلامي
• المدخرات
• الأموال
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الإنجليزية

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