Bank

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Using Forward Echange Contracts as a Hedging Tool

Shaykh Muhammad ibn AdamRead

A man takes out a loan of 30, 000 with the intention of NOT paying it back. He tells the bank he is living at another address when he is not so he doesn’t get caught. He then builds a house with that money on his own land. The property is now occupied by tenants who pay his parents the rent. Is the money made from letting this property halal? The parents are aware of what their son has done and have given their full support. They pray five times a day and have done hajj. They say everyone does this. They use this money for their expenses i.e. food and paying bills.

Shaykh Muhammad ibn AdamRead

Is it permissible to earn ‘service credits’ in a current non-interest bearing checking account? For example service fees for a given month totals $500 and this charge is offset by a ‘earnings credit’ allowance based on the average daily balance. At the end of the month, I have the same money without interest or service fees. Second related question, since the banking institution earns money on my non-interest checking account funds by loaning portions of (fractional reserve banking) it out to others or using it in interest bearing investments, wouldn’t it be better to convert it to an interest bearing checking account and have the interest earnings distributed to charities rather than leaving the funds fully available for the bank to freely use to earn cost free interest.

Shaykh Muhammad ibn AdamRead

Using Bank Interest to Start a Business

Shaykh Muhammad ibn AdamRead

Paying off Interest on a Loan with Interest from a Bank Account

Shaykh Muhammad ibn AdamRead

Monetary Penalties on Late Payment

Shaykh Muhammad ibn AdamRead

My friend is in need of a debit card (interest free transactions)…but for him to obtain this he must upgrade to a new account. The new account offers many new features which come hand in hand with the upgrade such as, student discounts on flights, shopping vouchers, etc. what is worrying is that they offer health insurance and other insurance based schemes. Now these schemes are always available to him and come part of the package but he does not have to pay for them and although they are available to him, he can not use them if he wishes. As he needs the debit card, he doesn’t intend indulging in the haram schemes. Is it permissible to upgrade his account on this basis?

Shaykh Muhammad ibn AdamRead

Is it Permissible to Work in a Insurance Company

Shaykh Muhammad ibn AdamRead

Zakat on Bank CD Certificates

Shaykh Muhammad ibn AdamRead

If an Islamic Mortgage Costs too Much, Can I Take a Conventional Mortgage?

Shaykh Muhammad ibn AdamRead

Performing Hajj with Unlawful Wealth

Shaykh Muhammad ibn AdamRead

Working for a Company that Sells Products to Banks and Casinos

Shaykh Muhammad ibn AdamRead

Microfinance: Is it Islamically Permitted for a Financier to Demand a Fixed Return from the Borrower?

Shaykh Muhammad ibn AdamRead

Hidden Interest and Confusion

Shaykh Muhammad ibn AdamRead

Interest in Student Loans and Inflation

Shaykh Muhammad ibn AdamRead

I want to ask about this justification which I use based on understanding of some Ulema and majorly my own understanding, which I think could be wrong too, but if Ulema of Sunni Path concur then Insha ALLAH I will stick to it firmly, its about Riba and I want it to be clarified because Insha ALLAH I would be getting into Business field very soon. If a Bank gives you Service and takes a certain amount of money from you then would it be considered as Riba? Like for instance I am a Bank who says to Person X that I will secure your money of Rs 10,000 for the time period of 1 year and in return I take a calculated and fixed amount of money say for example Rs 1000, would this be considered as Riba? My Second Question is regarding Loan, for instance I take loan of Rs 10,000 from a Bank and the Bank says it will charge me Only Rs 1000 at the end of tenor and I will have to return the money in any case even if my business goes in loss would that be considered as Riba?, because usually what happens in Pakistan is that you have to payback the loan with interest so kindly distinguish between these 2 kind of situations.

Shaykh Muhammad ibn AdamRead

If One has not Paid Zakat for Several Years, How Does One Calculate it?

Shaykh Muhammad ibn AdamRead

Islamic Althernatives for Mortgage

Shaykh Muhammad ibn AdamRead

House Mortgages in the West

Shaykh Muhammad ibn AdamRead

Collecting Interest Money in the Masjid

Shaykh Muhammad ibn AdamRead