To the honorable scholar, please provide the answer to the following inquires; Can a Muslim get interest being a resident or citizen in un Islamic country in the following conditions? Q #1: A person deposits his hard earning money to the bank account and bank put interest to his money on regular basis. Q #2: Some time people get loan from the bank or financial institution to accomplish his necessities and that institution charges interest on the loan. Q #3: Another critical condition, for buying a home, as houses are too expensive that none a single person can buy a home easily without mortgage and pay interest on that mortgage. Q #4: Insurance, which is another developed shape of interest. Are there same laws implement as in Islamic state / country or any exemption available in non Islamic state? Can Muslim get insurance in un Islamic country to protect his assets? JazakaAllah Ho Khairah
الجواب حامدا و مصلیا
Prohibition of giving and taking of interests is established through Definitive Texts of Qur’an and Hadees. Hence for a Muslim, in his capacity as a Muslim, it is essential to abstain from it. As per the consensus of the Jurists this ruling is applicable to Muslim and Non Muslim countries equally. However there is an allowance to deposit money in Current Account for necessity and safety. Insurance is Haram due to Interest and gambling. Hence, it is essential to abstain from it. However if a person resides in a country where his assets can not be protected without being insured, or, legally it is made compulsory by the government, in such circumstances it is allowed to do insurance in order to protect one’s assets.