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    Answers with Tag: Bank

    I am currently working for a bank, and I know at a basic level that you’re not allowed to work in bank due to Interest. This is not an Islamic bank. All that I am doing is checking if the customer has filled in the form right and sending a letter back to the customer, letting them know what is happening about the bank account. I don’t deal with the money or the financial aspect of this. Also is it allowed for a cleaner or someone concerning the food aspects to work at a bank? I was wondering what is the Islamic rule or law concerning someone working at a bank, and is it right for me to still work for them?.

    Hanafi Fiqh | | Daruliftaa.com

    Working for a Insurance Company and the Accounting Job

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    Financing: Alluring Ways to Fall into Riba in a Car Transaction

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    Donations from Non-Muslims or Unlawful Money for the Construction of a Masjid

    Hanafi Fiqh | | Daruliftaa.com

    Murabaha House-Financing When Deferred Payments are not fixed

    Hanafi Fiqh | | Daruliftaa.com

    Using Forward Echange Contracts as a Hedging Tool

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    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.

    Hanafi Fiqh | | Daruliftaa.com

    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.

    Hanafi Fiqh | | Daruliftaa.com

    Using Bank Interest to Start a Business

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

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    Monetary Penalties on Late Payment

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    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?

    Hanafi Fiqh | | Daruliftaa.com

    Is it Permissible to Work in a Insurance Company

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    Zakat on Bank CD Certificates

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

    Hanafi Fiqh | | Daruliftaa.com