IslamQA

Random Q&A

Interest

Investment

If you invest in a company and that company pays 8 to 12% of the amount invested according to the profit gained by company, is it interest? Please guide. Answer Wa’alaykum as Salam wa rahmatullahi wa barakatuhu, That is too little information to pass a ruling on the...

Male Gender selection by IVF

There are few ways to select the gender of baby like IVF.can a couple use these methods to balance family by selecting a specific gender (male baby/female baby) Answer Wa’alaykum as Salam wa rahmatullahi wa barakatuhu, Allah Ta’ala is our creator, and He has reserved...

Fatwa

I had some bank interest which I almost separated from my business account. Is it allowed to give this interest to my son in law? Answer Wa’alaykum as Salam wa rahmatullahi wa barakatuhu, In principle, a person has to return the interest money back to its owner....

Credit card

Asalam OAlekum I have a credit card which I used for home shopping such as groceries etc. But, I pay back quickly and never had any interest paid until now. There is an interest free duration of 55 days if paid then no interest charge. I know interest is haram so I...

Islamic home finance

I am looking into the option of Islamic Home Finance in Canada. Currently considering 1. Aya Financial http://ayafinancial.com 2. Zero Mortgage http://www.zeromortgage.ca/ 3. IjaraCDC Halal Islamic Sharia Financing | USA Canada 4. Manzil Manzil Home I have three...

Sharia compliant tax saving schemes in India

Assalam walekum. I am from India and I work as a software engineer. Every month tax is deducted from my account. In order to save tax I have to invest in many tax saving government schemes. Q1) Can i invest some of my money in ELSS. ELSS is a scheme where every month...

Arranging finance

Can you please advise on the following, I run a business selling cars, the business was started with money saved up, not with a loan. We arrange finance at the request of the customer, we do not provide the loan for the vehicle the finance company does, we don’t take...

Islamic finance home mortgage

Asalam-o-Alykum, I live in Sydney Australia with my wife and two kids. I am interested to buy a house, but as we know Interests is haram in Islam. But I see many muslims buy properties through bank loan and mortgage which includes interests. Is it permissible? For me...

LOAN REPAYMENT

Assalamu Alaikum Mufti sab I want an Islamic guidance or ruling on my matter: I had borrowed money from my brother in law to buy a house equivalent to US$65,000 We agreed that I cud make my repayments flexibly to me The amount borrowed by me was in Local Malawian...

Regarding zakaah

Assalamu alaikum. I have gold jewellery gifted by my parents at my wedding. I haven’t paid zakaah on it for many years now and I intend to pay it all ASAP. My husband has always been working in software development companies untill few years back when he got a job to...