my fatther had NRI account in india and he had 1.6lakh in his account after 10years the amount is 3.42 lakhs..so the intrest rate money is 1.80lakh can i use this 1.80 lakh which is the intrest money , in type of credit and repay that same amount after sometime and give it to the poor and needy people.next question is …is it okay to spend money on share on magicangel.co.in and mahamantra.com. for example if i pay 2500rupees after a year i will get abt 1.25lakhs..plz help me with this
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
1) Whatever excess amount more and above 1.6 lakh will be regarded as interest. It is impermissible to use interest monies for any personal use. All interest monies accrued should be withdrawn and disposed of by giving it to the poor and needy without the intention of any reward.
2) Kindly forward us the terms and conditions of these schemes in order for us to analyse them. For further insight into shares and understanding it, refer to the following link:
http://www.al-inaam.com/fataawa/shares_stocks/shares_stocks.htm
And Allah knows best
Wassalaamu `alaykum
Ml. Rayhaan Docrat,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah