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e-Marefa DataBank for Islamic Economics and Finance

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Fatawa

Are pension plans permissible ? aren’t they a kind of insurance ? : beneficiary of pension

Question: Assalamu Alaikum I would please like to know what the Shari'ah ruling is on inheritance if-a divorced man dies-he leaves behind his parents and one son-he has not left a will-according to the law of the country his son is ....

Subjects: Inheritance; Insurance; Islamic jurisprudence; Pensions

Fatawa

Inheritance of property illegally obtained : gifts and inheritance of Kickbaks

Question: Dear Scholars, Assalamu Alaikum ! i have a very strange question for you. My father passed away a several years back and before that there was a reasonable amount of money which was given to me for safe keeping. This ....

Subjects: Endowments; Inheritance

Fatawa

Working in network marketing with pyramid commissions : chain commission in networking business

Question: Dear Muslim scholars, Assalamu 'Alaykum : JazakumuAllau Khayran for your efforts in answering the Muslim concerns. A friend introduced me a way to do business without opening a store or etc. ; he explained to me that the business will ....

Subjects: Business; Islamic jurisprudence; Teleshopping

Fatawa

Interest loans to buy a car : car loan from employer at lower interest rates

Question: My office provides car loan for member of staff payable in five years. The loan is to enable the staff purchase a car. The problem with this loan is that anybody that takes the loan will pay the principal and ....

Subjects: Purchasing; Usury

Fatawa

Students loans : student loans taken before reverting to Islam

Question: I owe thousands of dollars in student loans. At the time I got them I felt pressured so that I could stay in school. I had just taken my Shahadah and although I knew that interest was Haram I did ....

Subjects: Education; Loans; Students

Fatawa

Accepting credit cards payments by Muslim mechants : accepting credit cards by merchants and the percentage paid to credit cards issuers

Question: First, Assalamu Alaykum Warahmatulahi Wabarakatuhu ? Secondly, I have the following question I manage small taxi company, owned by an association of Muslim Brothers ; my taxi drivers are obligated to accept credit cards by law. I have to provide, ....

Subjects: Credit cards; Entrepreneurs; Payments; Taxicabs

Fatawa

Replacing interest financing by Islamic financing

Question: My parents are divorced since I was 4 years old and I have been living with my mother in my grand-fathers house with my aunts and cousins. Today, after about 25 years, my mother can no longer bear this life ....

Subjects: Usury

Fatawa

Avoiding taxes by using the system’s loopholes : avoiding declaring custom-taxable items

Question: Assalamu Alaikum, brothers and sisters in Islam. I would like to have the scholar's opinion in this point. In my country owning, a receiver means paying a certain amount of fee annually to the government, which is not done in ....

Subjects: Administrative fees; Commissions; Islamic jurisprudence; Taxes

Fatawa

Avoiding taxes by using the system’s loopholes : avoiding tax on interest earned

Question: Dear Sir, I am wondering about what Islam says on me, where a friend of mine put his money on my account with interest. I don’t make any benefit of this money. The use of that for my friend that ....

Subjects: Islamic jurisprudence; Taxes; Usury

Fatawa

Partnership with non-Muslims who may indulge with interest : interest earned by non-Muslim wife

Question: Assalamu Alaikum : can my wife who is Christian place money from her income and money I give her in an interest bearing account like a bank cd ? can she then use that interest to give her family ? ....

Subjects: Dhimmies; Islamic jurisprudence; Married women; Usury

Fatawa

Partnership with non-Muslims who may indulge with interest : earning interest for another person !

Question: Dear Sir, I am wondering about what Islam says on me, where a friend of mine put his money on my account with interest. I don’t make any benefit of this money. The use of that for my friend that ....

Subjects: Islamic jurisprudence; Taxes; Usury

Fatawa

Prohibition of Riba and its rationale : how can Muslims avoid Riba ?

Question: Dear Shaikh Salam Alaikum. One of most boiling questions we have in mind of a Muslim is about Riba / interest. While always the Muslim scholars have only interpreted the word Riba and said it’s Haram. In current world context ....

Subjects: Islamic jurisprudence; Muslims; Usury

Fatawa

Examples of lack of justifying needs : renting part of a house purchased on mortgage

Question: Following to my question about mortgage that I sent 2 days ago which is still awaiting for reply ; I would like to add the following : if it is ok for me to buy a house by mortgage, is ....

Subjects: Dwellings; Housing; Islamic jurisprudence; Purchasing; ٌLeasing

Fatawa

Pension schemes : are pension schemes permissible ?

Question: Assalamu Alaykum, taking out a stake-holder pension scheme or any other kind of pension where you have to contribute certain amount of money for your retirement, is it allowed in Islam ?.

Subjects: Islamic jurisprudence; Pensions

Fatawa

Bankruptcy : declaring bankruptcy

Question: Assalamu Alaikum. I have benefited from your Fatwas and advice. It is a very useful service, please continue and Allah give you Barakat in the effort. My question is about some loans one my credit cards. I have borrowed some ....

Subjects: Bankruptcy; Credit cards; Islamic jurisprudence; Loans

Fatawa

Working in conventional banks : auditing banks and their interest transactions

Question: I'm working as an auditor in one of the auditing firms. We do audit different kinds of firms and organizations including banks. My questions are : (1) Is auditing firms that have deposits that take interest from bank Haram ? ....

Subjects: Auditing; Banks; Labour

Fatawa

Not paying credit cards debts : declaring bankruptcy to avoid payment of credit cards balances

Question: Assalamu Alequm I have benefited from your Fatawa and advice. It is a very useful service. Please continue and Allah gives you Barakat in the effort. My question is about some loans on my credit cards. I have borrowed some ....

Subjects: Bankruptcy; Credit cards; Debts; Islamic jurisprudence; Loans

Fatawa

Can banks operate without interest (Riba)‎

Question: 1. I know that Riba is a sin. But how should banks operates if they don't take interests ?2. I was planning to start my business but the only way of acquiring capital at the moment is by taking a ....

Subjects: Banks; Islamic Banks; Usury

Fatawa

Prohibition of Riba and its rationale : can banks operate without interest ?

Question: 1. I know that Riba is a sin. But how should banks operates if they don't take interests ? 2. I was planning to start my business but the only way of acquiring capital at the moment is by taking ....

Subjects: Banks; Islamic jurisprudence; Usury

Fatawa

Studying insurance and working in insurance companies : working in insurance companies on commission

Question: Dear scholars, As-Salaam `Alaykum. I have a question on working with insurance company. I want to know : is it Haram or Halal, if I work for an insurance company on commission basis which deals in term life and property ....

Subjects: Administrative fees; Commissions; Insurance companies

Fatawa

Interest-based loans to run or save business : interest loans to salvage business or to expand it

Question: This question is regarding dealing with interest based business finance and whether it is allowed for a Muslim business person to involve in such finance if a) they reach a situation where if they do not get such finance the ....

Subjects: Financing; Loans; Usury

Fatawa

Distribution of estate : inheritance of children of deceased child

Question: Assalamu Alaikum ! My question is regarding estate distribution. Our family has got a land which my grandfather had bought long before. My father has expired 11 years back i. e. before my grandfather. My grandfather also expired some 7 ....

Subjects: Children; Grandparents; Inheritance; Islamic jurisprudence

Fatawa

Alternatives to interest : interest and return on savings and investment

Question: Dear Monser Kahf Assalamu Alaikum I want to know about Riba I am reading the glorious Quran and the interest mentioned there is on lending of capital and charging interest as banks do. But I want to know about the ....

Subjects: Investments; Islamic jurisprudence; Profits; Savings; Usury

Fatawa

Buying houses in non-Muslim countries : buying a land for a house on Riba in India

Question: Assalamu Alaikum ! Is it permissible to take loan from banks / financial institutions / housing development board / for purchasing land and constructing a house wherein interest is involved ? Thank You..

Subjects: Financial institutions; Housing; Islamic jurisprudence; Loans; Purchasing

Fatawa

Financing house purchase in the west : buying a house on mortgage in the USA : [1]

Question: Assalamu Alaikum, My question is about buying house by mortgage. I want to explain how these financial transactions happen in the US. The bank buys the house from the seller, then I make fixed payments every month to the bank ....

Subjects: Islamic jurisprudence; Subprime mortgage; Transactions

Fatawa

Options in stocks, commodities and currencies : trading options

Question: Is buying options in currency trading is Halal ???? For your information in buying options you have to invest money and you will buy options for a period of 2 months and they set a target to reach for example. ....

Subjects: Islamic jurisprudence; Money; Options (Finance)

Fatawa

Sale of gold, silver and currencies, the conditions of sarf : trade in currencies

Question: Can one make use of this fluctuation in currency exchange, so that I exchange my USD to Euro and vice versa and make some profit, is this Halal..

Subjects: Commerce; Gold; Islamic jurisprudence; Sales; Silver

Fatawa

Miscellanious on interest : do you pay Zakah on interest mixed with own money ?

Question: Assalamu Alaikum may al mighty Allah reward you for your valuable work for Islam. My NRE account money is mixed with interest but I am not using the interest. Inorder to avoid mix up the interest with actual money I ....

Subjects: Alms tax; Islamic jurisprudence; Money; Payments; Usury

Fatawa

Interest loans to buy other goods : buying furniture on interest, is repentance sufficient ?

Question: Assalamu Alaikum, I took a loan from a bank to buy some furniture. I feel so bad because I did not realize by then that I am contributing to a "Riba". I still have about 3 years to pay off ....

Subjects: Furniture; Loans; Usury

Fatawa

Interest-based loans to establish business : interest loan to buy a business

Question: Assalamu Alaykum brother, I have a dilemma I am facing in my life. I am about to complete my Bachelors but have not found anything in my field. All I can do is get a job requiring no experience where ....

Subjects: Business; Islamic jurisprudence; Loans; Usury

Fatawa

Examples of lack of justifying needs : buying a house on mortgage to be near Islamic school

Question: Assalamu Alaikum I'm new in Canada, living in Mississauga which is full of mosques, Islamic schools and big Muslim community. I have some money so I can buy house without bank mortgage but it will be too far from this ....

Subjects: Housing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

Studying insurance and working in insurance companies : studying and working as actuarial

Question: Asalam Alay Kum Wa Rahmatulahi Wabarakata Hu My friend is studying acturial Sciencesat University as his degree. As far as i understand it, the degree is not Haram itself but he intends to become an Actuary in the future. Please ....

Subjects: Insurance companies

Fatawa

Variable interest and interest under other names, prize bonds and accounts : commission on fixed deposits

Question: Assalamu Alaikum, I have a question regarding financial matters. I wanted to inquire about 'fixed deposits' because they earn interest as well e. g. from HSBC. I've heard that special Muslims banks offer something called 'commission' which seems like interest!! ....

Subjects: Mutual funds

Fatawa

Interest loans to buy a car : buying a car on interest : [2]

Question: Assalamu Alaikum, We know that giving and acceptation of interest is prohibited in Islam. But if there is any exception for it, that is, we will get vehicles for loan having interest. We want to pay an excess amount which ....

Subjects: Purchasing; Usury

Fatawa

Students loans : interest-based student loans

Question: Bismillah Salaamu Alaikum, I am a college student and was able to get full scholarship, nor do I have enough money to pay out right. Are there any rulings on students in the west taking out federal loans ?.

Subjects: Education; Loans; Students

Fatawa

Prohibition of Riba and its rationale : why is interest prohibited ?

Question: My question is : in what way is interest provided by banks Haram. A banker said that the money deposited in a PLS saving account is used in business by the bank and if it gets profit, it is given ....

Subjects: Banks; Usury

Fatawa

What to do with earned interest ? : using interest to pay interest : [2]

Question: Assalamu Alaikum. My family has a mortgage on our house as we have no other means of purchasing it in the UK. We pay interest to the bank on this loan. I had an idea to put my money in ....

Subjects: Payments; Usury

Fatawa

Buying necessary property on interest : buying a property on mortgage to save one’s business

Question: Assalamu Alaikum WW, I have a question about mortgage. A friend of my mine owned a restaurant business and he is paying $ 1300 rent. Now the owner of the property wants to sell the property and my friend is ....

Subjects: Islamic jurisprudence; Purchasing; Real property; Subprime mortgage

Fatawa

Financing house purchase in the west : buying a house in UK : [2]

Question: Assalamu Alaikum. My family has a mortgage on our house as we have no other means of purchasing it in the UK. We pay interest to the bank on this loan. I had an idea to put my money in ....

Subjects: Housing; Islamic jurisprudence; Purchasing; United Kingdom

Fatawa

Working in conventional banks : working in banks : [8]

Question: Assalamu Alaykum could you please advise me on the issue of working in an investment bank. I am applying for jobs in the big European and American banks. I want to know what the majority or all of the scholars ....

Subjects: Banks; Investment banks; Labour

Fatawa

Working in conventional banks : working in a bank : [7]

Question: Assalamu Alaykum, first I would like to thank you for your services. I want to ask you about working in (Riba banks) given that the most sector recruiting people in our country is banking sector, and the sector that guarantees ....

Subjects: Labour

Fatawa

Inflation in the Islamic system : indexation by government regulation

Question: The inflation rate in Pakistan is fast increasing. Keeping this in mind if we deposit some amount of money in our bank, after 5-10 years it will be of no value! The bank continues to add some profit to our ....

Subjects: Bank deposits; Inflation (Finance); Islamic Banks; Islamic jurisprudence; Usury

Fatawa

What to do with earned interest ? : what to do with interest money ? : [2]

Question: Assalamu Alaikum I recently opened a bank account and specifically asked for a noninterest account. However, from my bank statements, I seem to be receiving interest. I was wondering whether it is Halal to keep the interest, or if it ....

Subjects: Money; Usury

Fatawa

Financing house purchase in the west : buying an apartment in Belgium : [2]

Question: Salam We are a Muslim family living in Brussels, Belgium. We work and live in this country since few years. We plan to spend the rest of our lives in this country. Currently we rent an apartment. We would like ....

Subjects: Islamic jurisprudence; Prices; Usury

Fatawa

Debtor’s and guarantor’s obligations

Question: Assalamu Alaikum,Dear brother Monzer, I am Tazmin, officer working with Islamic bank of Brunei. It’s been quite a while this question in my head. I try to read several journal or article to find solution. Please brother can you help ....

Subjects: Debtor and creditor; Debts; Financial guarantees; Islamic jurisprudence

Fatawa

Inheritance and family Waqf

Question: Assalamu Alaikum, i have a vast problem and i hope you will look into the matter with scrutiny. My father purchased plot and registered on my mothers name. After that my father built multistoreyed buildings including market places there and ....

Subjects: Family; Inheritance; Islamic jurisprudence; Waqf

Fatawa

Waqf and estate planning : creating a family trust (Waqf)‎ for an ill child

Question: Assalamu Alaikum, I have a vast problem and I hope you will look into the matter with scrutiny. My father purchased plot and registered on my mother’s name. After that my father built multi-story buildings including market places there and ....

Subjects: Confidence

Fatawa

Studying insurance and working in insurance companies : selling life insurance to Muslims in India

Question: Assalam Mu Alaikum, I just need your advice I am here in India selling insurance products. Some of my Muslim brothers insult me call my profession Haram they don’t have the right knowledge on insurance and when I show them ....

Subjects: India; Life insurance; Muslims; Sales

Fatawa

Working in insurance companies and as actuary : working in insurance : [2]

Question: Assalamu Alaikum I just need your advice I’m here in India selling insurance products. Some of my Muslim brothers insult me call my profession Haram they don’t have the right knowledge on insurance and when I show them they don’t ....

Subjects: Insurance companies; Labour

Fatawa

Estimation of the equivalent of the Mahr at the time of the prophet, pbuh : inflation and the Mahr at the time of the Prophet, PBUH

Question: My sister is getting married and wants to ask for the Sunnah Mahr. We know it is 400 Dinar, which we are told is the same as $ 300, but obviously $ 300 was worth a lot more in the ....

Subjects: Dowry; Inflation (Finance); Islamic jurisprudence; Muhammad (Alayhi al-salatu wa-al-salam)

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