Q: If I loan someone money, for example, I loan someone R10 and we agree that they will pay me R15 in 10 months time, R5 more than what I loaned them, is that extra money considered interest?
A: This is pure interest.
And Allah Ta’ala (الله تعالى) knows best.
Checked & Approved:
Read these QA to learn more..
- We have masjid a/c in one bank and baitul mal a/c is another bank. in masjid a/c we have shops deposit amoutn and masjid income like (monthly subscriptions and shops rents) every 6 months we get interest. so we transfer the interest amoutn to baitul mal a/c. my question is can we transfer interest amoutn to baitul mal a/c or can we construct toilets in majsid premiss or can we paid interest amount to municipal property tax for shops. or can we use this interest amount for legal matters. my another question is Baitul mal is a halal amoutn like (Zakat and Fitr) can we mix the interest amoutn in that. because if we move the interest amoutn in to baitul mal a/c again after 6 month we get interest on (baitul mal a/c ). is it permissible ? if not can we create a fresh a/c in that only interest amout we deposit and we use needy people according to the situation. one more questions is Where do we use this interest amoutn can u please mail briefly so that we can follow inshallah.
- I live in Canada and as soon as I am 19 years of age inshallaah the bank takes interest from our account. Even though i don’t take a loan the bank still takes interest from the pay cheques I make. Also regarding credit cards buying home or cars I know these are worldy desires and interest is Haram but is there forgiven for people who live in a society of interest?
- A business account runs into overdraft,and interest is deducted from it.Sufficient funds then accumalate and interest is added to it.May the second sum of interest be used in lieu of the first?
- This is regarding my previous question number “28404” that Darul Ifta has answered. Jazakallah. I need some more clarifications, for recovering income tax through future generated interest money do I have to use only that interest which is given by Govt. Of India or I can use other banks interest where I hold account like Citibank, ICICI. I discussed it with an eminent Mufti in Mumbai and he told me that since income tax is taken by the Central Government so you can use interest given by the Central Government or its owned agencies like SBI etc only for recovering income tax not any other source of interest. Please clarify from this aspect.
- I know that receiving interest is not pemissible, however I need to know if one can offset interest received against interest paid on credit cards and bonds.
- I want to know about interest . I know interest is haram but if any one takes loan on interest and build a home