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Fatawa

Conventional and Islamic finance of home purchase : purchasing house with bank loan

Question: Assalamu Alaykum wa Rahmatu Allahi wa Barakatuh,I hope you are fine.In the Latin culture of law, when someone wants to purchase a house, 1) first of all, he has to go to the financial institution, I.e. a bank, to request ....

Subjects: Purchasing; Real property

Fatawa

Micro finance : microloans

Question: Assalamulaikum,Dear Dr. Monzer Kahf,MFI-microloans finance institution had proven us tremendous success especially in Bangladesh with Prof. Muhammad Yunus, the founder of the Grameen Bank. It had pulled out the people of Bangladesh from the grip of poverty to be a ....

Subjects: Loans

Fatawa

Working in Riba institutions : salary of employees working for banks

Question: I’m the student of Fatima Jinnah women University Rawalpindi Pakistan, doing my masters in Islamic studies with the specialization of Islamic banking. I have a question for the answer of that question I need your help. The question is, Is ....

Subjects: Employees; Labour; Wages

Fatawa

Dependents living on parents’ interest earning and inheritance from them : gift and inheritance from persons dealing in Riba

Question: [Question one] :Br. Monzer, As Salaamu 'Alaikum,I had a question if you don't mind :My parents do not pay Zakah on their property even though they are Muslims (I've told them many times that they should, but they don't) plus ....

Subjects: Endowments; Inheritance; Islamic jurisprudence; Usury

Fatawa

Prohibition of Riba interest and its philosophy : why Riba is prohibited

Question: Assalamu Alaykum.I would appreciate it very much if you could explain the following in the light of Qur'an and Hadiths :1. We know that interest is harm in Islam but if someone asks when renting a house, car , equipment ....

Subjects: Islamic jurisprudence; Usury

Fatawa

Working in Islamic banking institutions : working in a conventional bank

Question: [Question One] :Respected scholars Assalamu AlaykumI need to discuss about Islamic banking which is a very serious issues nowadays. First of all I would like to know whether working in any bank is Haram. I have checked with nearby Imam ....

Subjects: Banks; Islamic Banks; Labour

Fatawa

Use interest money to pay bribes, bank charges, taxes : spending on brother treatment from earned interest

Question: [Question one] :Dear ScholarAssalamalekum WRB,Hope this email finds you in good health.Last year I had posed a question regarding using the Zakah and Interest money for my brother's treatment and future treatment, which you can find in this mail's history ....

Subjects: Expenditure; Money; Therapeutics; Usury; Wages

Fatawa

Dependents living on parents’ interest earning and inheritance from them : mother draws money from interest-based account

Question: AssalamAlaykoum Professor Monzer,Hoping you and the family are very well. Sorry for disturbing you very often. This is one of the questions that came to us. Here it is :As-Salamu Alaykum respected scholar I am a teenager and am unable ....

Subjects: Inheritance; Islamic jurisprudence; Money; Mothers; Wages

Fatawa

Prohibition of Riba interest and its philosophy : is Riba only on gold money ?

Question: Dear Sir,I am dosing my 4th year law from national law school, Raipur. Currently I am pursuing PG diploma in Islamic banking and finance. I have a doubt regarding this topic. Kindly enlighten me on this topic.1. Does Riba enter ....

Subjects: Gold; Islamic jurisprudence; Usury

Fatawa

Official recording interest-based loans : notarizing interest loan

Question: Dear brothers in Islam. My question is a difficult one for me, because I didn’t know how to answer it. This is the scenery : a goes to B (a bank) and requests a loan with interests. B gives the ....

Subjects: Loans; Usury

Fatawa

Working in Islamic banking institutions : [Halal careers in finance : 2]

Question: Bismillah Al Rahman Al Rahim. Alhamdu Lillahi Rabb Al Alamin, Wa Al Salatu Wa Al Salam Ala Sayyidina Muhammad, Wa Ala Aalihi Wa Sahbihi Ajma’in.Dear Dr. Monzer Kahf :Jazaka Allahu Kheir for your reply. Allah (SWT) has blessed you with ....

Subjects: Employees; Islamic Banks; Labour

Fatawa

Working in Islamic banking institutions : company offering services to banks and working in a bank

Question: Dear All, We have got such a situation here, the question is related about what kind of service a company can provide to banks in Azerbaijan, since there is no Islamic bank here. First of all, banks in Azerbaijan have ....

Subjects: Employees; Islamic Banks; Labour

Fatawa

Conventional and Islamic finance of home purchase : taking interest-based loan to buy a house

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh,In the name of Allah, most gracious, most merciful. All praise and thanks are due to Allah, and peace and blessings be upon his messenger. Dear brother in Islam Al Salam Alaykum ....

Subjects: Loans; Purchasing; Real property

Fatawa

Buying properties on interest loans : taking interest-based loan to buy a house

Question: In the Name of Allah, most gracious, most merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. Dear brother in Islam Al Salam Alaykum I am a Swiss Muslim live in Switzerland. ....

Subjects: Dwellings; Financing; Islamic jurisprudence; Loans; Purchasing

Fatawa

Use interest money to pay bribes, bank charges, taxes : paying income tax from earned interest

Question: Can interest from bank deposits be used to pay income tax ? 2) If the tax is deducted at source on earned income, can an equivalent amount of bank interest income be utilized for personal use ?Jazakum Allahu Khairan for your constant help.

Subjects: Income; Payments; Taxes; Usury; Wages

Fatawa

Use interest money to pay bribes, bank charges, taxes : paying income tax by interest

Question: When I got married about 2 years ago, my wife had about 2000 pounds to pay as a student loan. So, I paid this loan off for my wife as I had some savings. I used the interests that I ....

Subjects: Income; Payments; Taxes; Usury

Fatawa

Is practiced Islamic finance a camouflage of Riba ? : Islamic banking practices in Malaysia

Question: Assalamu Alaykum Dr.My name is Wan. I'm from Malaysia. I just want to ask what do you think about Islamic banking in Malaysia and what is your opinion on Islamic credit card (bay al-Inah) ? Please reply to me as soon as possible..

Subjects: Banking services; Financing

Fatawa

Car lease on hire purchase : Islam's stance on leasing a vehicle

Question: Dear Dr. Monzer,Assalamu Alaykum wa Rahmatullah wa Barakatuh,Is leasing a vehicle Halal or haram considering the following : 1. The leasing company factors in profit using a Riba calculation ? 2. Full coverage is required for the car.Jazakum Allahu Khairan for your constant helpYours, Sami.

Subjects: Automobiles; Usury; ٌLeasing

Fatawa

[Stock market and day trading]

Question: As-Salam `Alaykum !In real estate, especially land, some people give advance for the land and search for another buyer means without buying a land, just give advance then find another person and tell bigger price and take profit out of ....

Subjects: Land; Purchasing

Fatawa

Paying interest : paying back loan with interest

Question: Two years ago I started going to school. To finance my studies I first thought that the financial aid was a grant from the government that I don't have to repay. After I started for three months I found out ....

Subjects: Islamic jurisprudence; Loans; Usury

Fatawa

Paying interest : paying interest on delinquent income tax

Question: I started a company last year. I could not pay income tax that year because it was my first year. Therefore I had to keep it in the bank. This year I will have to pay the income tax of ....

Subjects: Income tax; Payments; Usury

Fatawa

Use interest money to pay bribes, bank charges, taxes : using earned interest to pay income tax

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,I started a company last year. I could not pay income tax that year because it was my first year. Therefore I had to keep it in the bank. This year I will ....

Subjects: Income; Payments; Taxes; Usury; Wages

Fatawa

Riba and installment sale : any relation of Riba to inflation ?

Question: Assalamu,In my previous email I forgot to mention the countries inflation rate, it is about 24 %. But the trader charges us 30 % more than cash price, is it fair ? And also I could not find the Qur’anic verse, saying acceptance.Wassalam..

Subjects: Inflation (Finance); Islamic jurisprudence; Usury

Fatawa

Riba and installment sale : [2]

Question: Dear Dr Monzer,Jazakum Allahu Khairan both for your quick and helpful responses, and your greetings and cheerful words. And I am very much looking forward to the opportunity of meeting when you happen to be close to Germany !Myself, I ....

Subjects: Installment sales; Islamic jurisprudence; Usury

Fatawa

Riba and installment sale : [1]

Question: Assalamu Alaikum,Dear Sir,I’m Hijaz, undergraduate, B.Sc. Accountancy, from Sri Lanka. One of my friend bought a mobile phone in installment system. Cash price of mobile Rs 19575Monthly installment Rs 1875 (1875 * 12 = 22500)Additional charge Rs 2925 (22500-19575)Period ....

Subjects: Installment sales; Usury

Fatawa

Giving earned interest to charities and others : interest earned on Riba accounts

Question: Dear Dr Monzer,Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh,I am e-mailing you at this point in time because while flipping through your Fatwas on “Riba and interest” from 2663 I came across the following remark of yours : “interest must ....

Subjects: Bank accounts; Usury; Wages

Fatawa

Giving earned interest to charities and others : giving interest to conventional charity

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,Can I get rid of bank interest through charities such as Oxfam ?Regarding bank interest, you state that this money can be donated to charities (poor) or for public projects. I for example ....

Subjects: Charity; Usury; Wages

Fatawa

[Difference between interest and late fees]

Question: What is the difference between interest and a late fee ?.

Subjects: Administrative fees; Commissions; Islamic jurisprudence; Usury

Fatawa

[Interest prohibition]

Question: As-Salam `Alaykum !I had a question regarding interest transactions. Did Allah SWT prohibit all interest transactions in general or only those where money or land is multiplied in double triple which leaves too much burden on the people ? Also ....

Subjects: Islamic jurisprudence; Usury

Fatawa

[Refusing to lend a car or mobile]

Question: As-Salam `Alaykum ! Some brothers sometimes ask me to give them my mobile to use, or to take my car for some time... I never refuse them, but among them are some people whom I don't know well. Can I refuse them ?.

Subjects: Islamic jurisprudence; Usury

Fatawa

[Lending money]

Question: As-Salam `Alaykum ! Is it allowed to borrow money to someone, if I borrowed him my money before, but he still did not pay them back to me, and he's not the one in need ?.

Subjects: Loans

Fatawa

[Side benefits of some credit cards]

Question: My question relates to credit cards and their usage. I am aware that use of credit cards is permissible so long as I ensure that I pay the total amount due and do not default on payment, thereby activating the ....

Subjects: Credit cards

Fatawa

[Islamic home finance in America]

Question: As-Salam `Alaykum !In the US we have the Islamic mortgage companies that claim their co-ownership programs to be Halal. In this program you must pay mortgage payment that is interest free, but you must also pay co-ownership fee and fair ....

Subjects: Housing

Fatawa

Working in leasing company : job in leasing company, Halal ?

Question: Asalamu AlaykumI want one clarification that I'm a student of finance in Pakistan. Currently I have an opportunity of job in a leasing company in the Internal Audit department which is not directly linked to leasing business. My question is, ....

Subjects: Corporations; Labour; Usury

Fatawa

Use of credit cards : are credit cards permissible

Question: Assalamu Alaykum.Dear Sir please clarify can we use credit cards ?.

Subjects: Credit cards; Islamic Banks

Fatawa

Repentance for "interest" : do we need to do anything in addition to repentance from interest ?

Question: SalamsDear Dr., pls. reply this question, which we received in ask the scholar page :Since two years, my husband and I, we have stopped all interest transactions of every kind, whether bank or mutual fund or whatever and deal only ....

Subjects: Islamic jurisprudence; Repentence; Usury

Fatawa

Prohibition of Riba interest and its philosophy : proof of prohibition of interest

Question: Dearest Dr. As-Salamu AlaykumPls. answer this question. The man is speaking on Riba :On September 17, 2007, Imam Abdu Rahman Bin Mohammad al-Harbi (our local Imam) talked about "Riba" (usury) and warned the Muslims about the gravity of this sin. ....

Subjects: Banks; Interest; Islamic Banks; Islamic jurisprudence; Usury

Fatawa

Facilities from conventional and Islamic banks : facility for desired period is not offered by the Islamic bank

Question: [Question One] :Dear Dr. Monzer KahfAssalamu Alaykum Wa Rahmatullah Wa BarakatuhI am from Sri Lanka and yes there are Islamic banks here but I need to get a loan where the period extend to say about 15 to 17 years ....

Subjects: Islamic Banks; Loans; Management

Fatawa

Bank accounts deposits, etc. : prizes on checking accounts

Question: Respected scholars, as-Salamu `Alaykum. I have a question regarding Lottery ! We have some banks in our country that make an account by name of portion(Qismat) or luck (Nasib). The bank save the money for its users and user can ....

Subjects: Awards; Bank accounts; Bank deposits

Fatawa

Islamic banks more expensive than conventional banks : why Islamic banks are more expensive ?

Question: Assalamu Alaykum,I want to know why Islamic bank wear a title as a Shari’ah Based. One of my friend got loan from Islamic bank, if he is not able to pay the debt within 45 days. He must pay FINE. ....

Subjects: Commercial finance companies; Costs

Fatawa

Use interest money to pay bribes, bank charges, taxes : paying bribes from interest money

Question: [Question one] :Salaam,I live in the UK, originally from Bangladesh.May I use interest obtained from savings in UK banks to pay bribes to officials in Bangladesh to perform their task / duties (to do their job). Without bribes, it is ....

Subjects: Bribery; Islamic jurisprudence; Money; Payments; Usury

Fatawa

Buying properties on interest loans : car purchase with interest

Question: Assalamu Alaikum,I am trying to purchase a car without paying interest. A dealer that I am interested in purchasing from doesn't have any 0 % interest financing at this time but has given me the following option. He would determine ....

Subjects: Automobiles; Islamic jurisprudence; Purchasing; Usury

Fatawa

Hajj, Umrah, Ibadah, Fasting, kindness to parents : receiving donation from non-Muslim and people who earn from interest to build a Mosque

Question: Assalamu Alaykum. Is it acceptable to receive donation from non-Muslim and people who earn from interest, to build mosque and other social service ?Jazakum Allahu Khairan for your constant helpYours, Sami.

Subjects: Dhimmies; Donations; Islamic jurisprudence; Usury

Fatawa

Prohibition of Riba interest and its philosophy : the Qur’an talks about taking interest

Question: I have a question regarding Riba. Why does Quran everywhere when it talks of Riba, states about taking interest, not giving ?.

Subjects: Islamic jurisprudence; The holy koran; Usury

Fatawa

Receiving donation from non-Muslim and people who earn from interest to build mosque : receiving donation from people dealing with interest

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh,Is it acceptable to receive donation from non-Muslim and people who earn from interest, to build mosque and other social service.Assalamu AlaykumJazakum Allahu Khairan for your constant help.

Subjects: Donations; Islamic jurisprudence; Usury

Fatawa

Conventional and Islamic finance of home purchase : European Muslims, buying a house

Question: Salaam Alaykum I would like to know if it is permissible for us, living in Europe to buy a house ? Do we have to rent a house and pay each month a price, of buy it with interest ?Naim.

Subjects: Purchasing; Real property

Fatawa

Loans, Tawarruq, discounting, financing of business : house financing by loan

Question: السلام عليكمعندي سؤال يتعلق بقرض سكني في ليبيا حيث أن بعض المصارف الحكومية هنا تيسر للشباب قروض لشراء المنزل بحيث يأخذون فائدة لا تذكر مقارنة بالفوائد المعروفة و قد سألت مدير المصرف (صاحبي) فأفاد أن هذه لا تسد المصاريف التي ....

Subjects: Bank loans; Housing; Usury

Articles of association

Guiding principles of risk management for institutions (other than insurance institutions)‎ offering only Islamic financial services

Donor award: Islamic Financial Services Board (Kuala Lumpur, Malaysia)

Subjects: Banks; Financial transactions; Islamic jurisprudence; Management; Profits

Book Reviews

Book Review : Islamic banking and interest : a study of the prohibition of riba and its contemporary interpretation

By: al-Misri, Rafiq Yunus; Sayyid, Abd Allah. Journal of King Abdulaziz University : Islamic Economics. Vol. 17, no. 2 (2004), pp.35-38, 4 p.

Subjects: Islam; Independent judgement; Islamic jurisprudence; Profits; Speculation

Book

Riba, bank interest and the rationale of its prohibition

By: Sadiqi, Muhammad Najat Allah. Islamic Development Bank (IDB), Islamic Research and Training Institute (IRTI),; 31-December -2004; pp.1-162, 162 p.

Subjects: Islamic jurisprudence; Banks; Financial institutions; Foundations of Islamic jurisprudence; Monetary policy

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