Find authentic Islamic Answers from over 69,000 questions. You can narrow down your search from Hanafi, Shafi'i, Maliki, and Hanbali schools of law. This answer was collected from TheMufti.com, which is a fatwa portal managed by Mufti Ismaeel Bassa from South Africa.
Q. As landlords or administrators of Islamic schools, how do we overcome the trouble of tenants or parents making late payments? A. A penalty fee for the late payment of rent is not allowed, as it would be Riba (interest) (Shaami 5/166). As an alternative, a landlord or an administrator of an Islamic school may inflate… read more »
Q. Years ago, I was not inclined to Deen. So a friend of mine asked me for a R100.000.00 loan and I gave it to him on interest for a R150.000.00 return. After he repaid me the interest loan of R150.000.00, I used the same money to start-up my business which is a multi-million Rand… read more »
Q. I had given loans to family and friends over the years. They are paying me back now. Can I ask them to pay me in accordance to the rate inflation over the years? A. A creditor cannot ask his debtor to pay him back his loan in accordance to the rate of inflation over… read more »
Q. I closed an interest bearing account which accumulated interest. Can I keep the interest money and give it in charity after 3 Months? A. The ruling regarding any Haraam wealth acquired including interest is that it must be returned to its original owner if possible. If it is not possible to return it to… read more »
Q. My husband and I adopted two male children a few years ago from the orphanage. I breast fed them before they reached two years of age to establish Mahrem relationship with them. My husband and I are now divorcing due to many issues. Could you please tell me if the Islamic custodial rulings for… read more »
Q. Can you charge a profit on a loan? A. In Shariah, if a debtor takes a loan from a creditor whereby it is agreed that the debtor will pay back the creditor at a later date with an additional amount or rate, it will be tantamount to interest. Therefore, it is impermissible and Haraam to… read more »
Q. I invested R100 000 of stock in my friend’s business. My friend agreed to give me a fixed return on investment of R50 000 on R100 000 after selling the stock. At the end of it, I would receive R150 000 in total. Is this correct according to Shariah? A. The transaction in reference… read more »
Q. Respected mufti Saheb. I have interest money to dispose off in one bank account. However I do not have access to those funds. Can I dispose of the interest from another account ? Or do I have to dispose of it from the account where it has accrued? A. In the enquired case, it… read more »
Q. Can accountants apply for bank loans (interest chargeable) on behalf of clients? Can Accountants record bank loans and interest transactions in financial statements? A. In principle, active and direct participation in any unlawful venture is impermissible. Allah Ta’ala says, و لا تعاونوا على الإثم و العدوان(النساء:٢) Do not assist one another in sin and… read more »
Q. When I go for Umrah to Makkah, I take my gold and exchange it for gold at the jewellery shops. If I exchange my gold chain that weights 100 grams for a gold ring and gold bangle that weights 150 grams, is this correct Islamically? A. In terms of Shariah, if one is exchanging… read more »