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Fatawa

Prohibition of Riba interest and its philosophy : Islamic monetary operations instruments

Question: [Question one] :Dear Mr. Monzer Kahf,Hope you are doing well, and your flight from Bishkek was enjoyable. I also hope that you liked our country. As you remember, we had a conversation about Islamic monetary operations instruments and you suggested ....

Subjects: Derivative securities; Islamic jurisprudence; Liquidity (Economics); Usury; al-Qard al-Hasan

Fatawa

Riba and installment sale : selling insurance policies and inflation interest

Question: [Question one] :Respected Sir,Assalam Alaikum,Hope this finds u in best of your health and spirit. I m a new immigrant to Canada .Recently I did my certification in life license course and have got an opportunity to work in Sunlife ....

Subjects: Inflation (Finance); Insurance; Islamic jurisprudence; Sales; Usury

Fatawa

Bank accounts deposits, etc. : investing my money for a stable interest

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,Following is a financial question about the ruling of investing money for a stable interestFirst Name : SuleimanSalaam Brother.. I am student in UK pursuing my masters in investment and Finance. I reside ....

Subjects: Investments; Money; Usury

Fatawa

Conventional and Islamic finance of home purchase : providing Islamic house finance from interest loans received from conventional lenders

Question: Salam.In Canada, there is no Islamic banking so far. There are some Islamic financial organizations, but the problem is that most of them are taking money from non-Islamic financial organizations. So people criticize Islamic way of financing by saying that ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : Islamic house financing is much more expensive than conventional one

Question: Dear Dr Monzer Kahf,Assalamu Alaykum Warahmatullahi WabarakatuhuFirst and foremost, May Allah reward you for excellent work you have done and continue to do so on Islamic Finance. I often refer to your Fatawa and it is truly a blessing to ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : foreclosure

Question: Salam u Alaykum Br. Monzer,I have heard that obtaining financing from a bank for a bank owned home (foreclosure) in not Haram. The reason for this is because it only involves two parties (buyer a seller) as opposed to traditional ....

Subjects: Purchasing; Real property; Subprime mortgage

Fatawa

Reasons behind prohibition of gambling and lottery : lucky draw and selling Islamic financed house

Question: Assalamu `Alaykum Wa Rahmatullah Wa BarakatuhDear Dr. MonzerQuestion 1 :Respected scholars, as-salamu `Alaykum. A few years ago, I entered a lucky draw where it was required to place the label of a soft drink that was purchased in an envelope ....

Subjects: Financing; Gambling; Housing; Lotteries; Sales

Fatawa

Giving earned interest to charities and others : disposing interest money

Question: Respected scholar,Assalamalekum WRB,I live in India and as you know we don’t have an Islamic bank concept here. In such a scenario it’s difficult to find an alternative to save ourselves from interest money generated from our savings in the ....

Subjects: Kinship; Usury

Fatawa

Investment ; permissible ? : investing in pension funds

Question: Dear Dr. KahfAsakI am 23 and got my first job about 9 months before. I have been thinking over the past few days’ ways of investing that is not 'Haram'. I will be highly obliged if you can tell the ....

Subjects: Investments; Pensions

Fatawa

Giving earned interest to charities and others : disposing of interest earning on brother

Question: Asalamu Alaikum Wa Rahmatullah,My name is Latifa. I was reading your Fatwa on Islamonline where a man asked whether he was permitted to spend interest money that they had collected to pay off his brother's debt in order to make ....

Subjects: Siblings; Usury

Fatawa

Conventional and Islamic finance of home purchase : Ijarah loans

Question: I am hoping you can give me advice on a matter. I live in Canada and have been renting for 10 years now. I now have 4 children Alhamdulillah and badly want to purchase a home and have stability. Unfortunately, ....

Subjects: Purchasing; Real property; ٌLeasing

Fatawa

Car lease on hire purchase : is car leasing contract in U K permissible?

Question: Dear Dr. Kahf : Assalamu Alaykum Wa Rahmatullah Wa Barakatuh.My question is regarding Car Leasing. I understand that you have addressed this issue quite few times and I have read your answers as well. As you have mentioned in your ....

Subjects: Automobiles; ٌLeasing

Fatawa

Prohibition of Riba interest and its philosophy : Islamic economics and interest

Question: First let me introduce myself my name is Sahra, I am taking a course for (modern institution of informatics and management) (MIIM) in Pakistan, I am taking for the subject of Islamic banking and finance, so please I want to ....

Subjects: Islamic economics; Islamic jurisprudence; Loans; Usury

Fatawa

Investment ; permissible ? : permissibility of pension funds benefits

Question: [Question One]Assalamu Alaykum Wa Rahmatu Allahi Wa BarakatuhDear Dr KahfMy employer has a pension plan for his employee as part of the benefit package. The employer contributes yearly to the plan for each employee depending on his salary and then ....

Subjects: Investments; Merit; Pensions

Fatawa

Giving earned interest to charities and others : giving interest money to needy family members

Question: Assalamu AlaykumI hope you are doing well. I also hope that your family is doing well too.We have two questions that we are hoping you can help us with :1. Can interest money be spent on family who are in ....

Subjects: Kinship; Money; Poor; Usury

Fatawa

Investment ; permissible ? : investing in a fund that earns interest

Question: Bismillah Ar-Rahmaan Ar-RaheemDear brother Monzer Kahf,Assalaamu Alaykum Wa Rahmatullah Wa BarakatuhI need an urgent clarification on the above subject.I and some brothers and sisters have set up an organization 10 years ago with a view of fighting poverty primarily among ....

Subjects: Investments; Mutual funds; Usury; Wages

Fatawa

Interest on insurance accounts and student loans

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,I live with my family in the USA. My wife and I are currently repaying our student loans which are of course interest based loans. I have a 401K account and my initial ....

Subjects: Insurance; Loans; Students; Usury

Fatawa

Conventional and Islamic finance of home purchase : paying off bank house mortgage

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullah Wa Barakatuh,I live in Canada. I read the fatwa posted on your web site, that says it’s Ok to buy a house through a mortgage under certain conditions and I did buy a house ....

Subjects: Purchasing; Real property; Subprime mortgage

Fatawa

Prohibition of Riba interest and its philosophy : Islamic banking and finance books

Question: As Salaam Alaikum Dr. Monzer Kahf,Recently I've been trying to get my hands on as many resources (books or websites) on Islamic finance. Are there any books that you would recommend that can give a clear understanding on Islamic finance ....

Subjects: Islamic Banks; Islamic jurisprudence; Usury

Fatawa

Use of credit cards : objective of Shari’ah and prohibition of Riba in credit cards

Question: Dear Dr. Monzer,ASlamo Alakam,I happened to read your paper on objectives of Shari`ah in the prohibition of Riba, it is quite impressive logically and broaden common Muslim vision about what is interest and what not ? please accept congratulation for ....

Subjects: Credit cards

Fatawa

Conventional and Islamic finance of home purchase : Lariba house financing

Question: [Question One] Dear Prof. Kahf,This is Amr Taha of Islam on line.net's Politics in Depth section. Upon the recommendation of Mr. Wael of Shari’ah department, I would like to take your professional fatwa about Lariba's method of home financing, which ....

Subjects: Purchasing; Real property

Fatawa

Renting a property on mortgage : renting a property purchased on interest-mortgage

Question: Dear Dr. Monzer,Assalamu Alaykum wa Rahmatullah wa Barakatuh,Following is a financial question :Should a person who rents a residential place be concerned about the possibility of an existing mortgage on the property (which translates into Riba) ? Is the renter ....

Subjects: Islamic jurisprudence; Subprime mortgage; Usury; ٌLeasing

Fatawa

Buying properties on interest loans : buying furniture by bank loan

Question: Dear Dr. MonzerAs-Salamu Alaykum, please help us in answering this question ; the questioner is from Albania :"Salamu Alaykum, I am currently building a house for my family, and in couple of months I need to buy furniture for the ....

Subjects: Bank loans; Furniture; Purchasing

Fatawa

Working in Riba institutions : witness in loan agreement

Question: Assalaam Alaykum,I just wanted to ask you if a witness also needs to sign on a loan agreement of the borrower.Rabia.

Subjects: Islamic jurisprudence; Loans; Usury

Fatawa

Giving earned interest to charities and others : deducting interest from taxes

Question: Assalamu Alaikum,In Canada, the interest paid on loan for investment is considered tax deductible. I understand that "Riba" is forbidden. However in this case it seems that the individual taking loan for investment or business would pay interest on the ....

Subjects: Bank loans; Banks; Interest; Islamic jurisprudence; Taxes

Fatawa

Use interest money to pay bribes, bank charges, taxes : investing interest money

Question: Dear Prof Kahf,Salaam AlaykumWe hope your family is fine.We kindly need your opinion on some issues :Our state governments have accounts that generate interest every month. They want to invest the interest proceeds with our capital in form of temporary ....

Subjects: Investments; Islamic jurisprudence; Money; Usury

Fatawa

Giving earned interest to charities and others : loan from Canadian banks

Question: بخصوص الاقتراض من المصارف الربوية في كنداالأخ فضيلة الدكتورالسلام عليكم و رحمة الله و بركاتهبداية جزاكم الله خيرا على عملكم الدؤب للرفع من مكانة المسلمين و الدفع بهم الى استعادة أمجاد أمتنا الإسلامية و سدد الله خطاكمأنا مواطن ليبي انتقلت ....

Subjects: Bank loans; Banks; Canada; Islamic jurisprudence; Usury

Fatawa

Investment ; permissible ? : partnership whose income is not purely Halal

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullah Wa Barakatuh,Asslam-U-Alaykum, I want to start my own business and I have found a person who is willing to finance me in exchange of share in the business. I know the source of income ....

Subjects: Income; Partnerships; al-Halal and al-Haram

Fatawa

Buying properties on interest loans : interest in the contract

Question: AA baba--In Sha Allah all is well with you and Mama and Noma. I have been shopping for car to replace the civic and am not in a hurry Alhamdu Lillahi because I want to wait for the right financing.I ....

Subjects: Contracts; Islamic jurisprudence; Loans; Usury

Fatawa

Working in Riba institutions : witnesses on loan agreement

Question: Assalam Alaykum,For the loan agreement since a notary republic would cost money and seems cumbersome is having two witnesses as sufficient with address and phone numbers. Also I wanted to humbly ask you if you would be willing to provide ....

Subjects: Islamic jurisprudence; Loans; Usury

Fatawa

Working in Riba institutions : drafting Riba contract

Question: [Question one] :Dear Sir,I am sorry Sir, I believe I have to gives all the relevant facts as a nature of my work. I have tried to summarize the facts and questions from the original version (which is much longer) ....

Subjects: Contracts

Fatawa

Inflation and Riba

Question: is interest a cause of inflation ? Assalamualaikum prof I'm student from Malaysia. I would like to ask your opinion about the Islamic banking services and practices nowadays. I also wanted to ask your opinion regarding the relation between inflation ....

Subjects: Inflation (Finance); Islamic jurisprudence; Usury

Fatawa

Islamic finance contracts and instruments practiced in Islamic banks : Murabahah [1]

Question: Assalaamu Alaikum Sh. Monzer,InShaAllah all is well with you and the family !I have been trying to find an answer to this, but been a little challenging … What’s the controversy in Murabahah transactions ? Some scholars/practitioners comment that it’s ....

Subjects: Resale on profit

Fatawa

Inflation and Riba : inflation and interest

Question: AssalamuAlaikum ProfI'm student from Malaysia, I would like to ask your opinion about the Islamic banking services and practices nowadays. I also wanted to ask your opinion regarding the relation between inflation and Riba'. May you tell me more about ....

Subjects: Inflation (Finance); Usury

Journal Articles

Income ratio, risk-sharing, and the optimality of mudarabah

By: Taj al-Din, Sayf al-Din Ibrahim. Journal of King Abdulaziz University : Islamic Economics. Vol. 21, no. 2 (2008), pp.37-59, 23 p.

Subjects: Financial policy; Financing; Islam; Islamic economics; Islamic jurisprudence

Statistical Reports

Table 16, Money and banking.

Yearly statistical series Central Bank of Jordan.; Research Department Vol. (2008), 1 p.

Subjects: Jordan; Statistics; Usury

Fatawa

Prohibition of Riba interest and its philosophy : difference between interest and usury

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,What is the difference between interest and usury, and is it true that Riba is not obtainable in paper and coin currency ?Jazakum Allahu Khairan for your constant help..

Subjects: Islamic jurisprudence; Usury

Fatawa

Conventional and Islamic finance of home purchase : Islamic finance for house buying

Question: Salam AlaykumI want to take a home loan from an Islamic bank in Australia called MCCA.The transaction will be : Ijarah Muntahiah Bittamlik as they say. However when I asked MCCA where they got the money from ? They said ....

Subjects: Purchasing; Real property

Fatawa

Bank accounts deposits, etc. : interest on donation on credit

Question: Assalamu `Alykum Dr. Monzer,I hope you're doing fine and enjoying Allah's blessings.I have a personal question about a new program designed for Canadians to help them donate more and at the same time get better tax refund. I got to ....

Subjects: Bank loans; Donations; Usury

Fatawa

Working in gambling company : working in a gambling casino

Question: Dear Sir, I just wanted to ask. If I was to work in an organization whose prime interest is gambling, although, there will be no gambling involved with the position, is it right to work within that organization..

Subjects: Gambling; Labour; Nightclubs; Taboos

Fatawa

Inheritance and gift from persons dealing with Riba : father putting his money in the bank

Question: Assalamu Alaykum, My father has not been working for many years, about fifteen, even though he only reached retirement age just two or three years ago. He has put his money in the bank, and lived off the interest generated ....

Subjects: Endowments; Inheritance; Islamic jurisprudence; Usury

Fatawa

Bank accounts deposits, etc. : interest based line of credit

Question: [Question one] :Assalaam alaikum Brother Monzer,Please let me know a time when I can talk to you regarding a business we are thinking of doing. The person with whom we are going into a 50 / 50 partnership is alright ....

Subjects: Bank loans; Usury

Fatawa

Murabahah and installment sale : signing on behalf of mother on her interest accruing account

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullah Wa Barakatuh,Respected scholars I have two questions : 1.) My mother has had an interest accruing account which she has not used in the past few years. Aside from the money acquired via interest, ....

Subjects: Banks; Interest; Islamic jurisprudence; Usury

Fatawa

Bank accounts deposits, etc. : signing on behalf of mother on her interest accruing account

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,Respected scholars I have two questions : 1.) My mother has had an interest accruing account which she has not used in the past few years. Aside from the money acquired via interest, ....

Subjects: Accounts current; Usury

Fatawa

Working in Riba institutions : job involving interest

Question: I first want to commend and thank you all for the great job you are doing to help us stay on the right path. I am going to joining university shortly and chose economics as my major as I was ....

Subjects: Islamic jurisprudence; Labour; Usury

Fatawa

Loans, Tawarruq, discounting, financing of business : depending on banks in business activities

Question: Ask Sheikh,I came across your Fatwas. I have a few questions to ask you regarding my position with Riba based financing. We have a family business which has been around for 30 years or so....In the past around the 70's ....

Subjects: Bank loans; Business; Usury

Fatawa

Buying properties on interest loans : offers with zero interests

Question: Assalamu,I’m Firoz Indian, now working in Saudi Arabia. There is one electronic shop they offer 1 year installment with some % of interest. I know it is Haram, but there was one month special offer that 0 % interest shopping. ....

Subjects: Islamic jurisprudence; Supply and demand; Usury

Fatawa

Working in Riba institutions : working in Riba micro finance

Question: Dear Dr. Kahf :I would like to know if it's Halal or Haram to work for a non-profit organization that provides micro-credit I.e. loans to help the poor around the world. These are easy-terms loans, but interest is involved (non-Islamic finance).... Jazaka Allah Khairan....

Subjects: Financing; Islamic jurisprudence; Usury

Fatawa

Giving earned interest to charities and others : having an interest loan

Question: Salam 'Alaykum learned brothers / sisters, I live in a country where there are no Islamic (non-Riba) financial systems and have a small start-up business of my own that typically requires funding. I currently have an interest paying loan and ....

Subjects: Loans; Usury

Fatawa

Bank accounts deposits, etc. : saving in banks

Question: Assalamu Alaykum brother Dr. Kahf,I hope this finds you in the best of health. I have a question regarding savings. I’m 23 years old and I took a year off of university to work and try and lighten my debt. ....

Subjects: Savings

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