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    Answers with Tag: Interest

    I am looking to buy house. I was told that there are a few bank/financial corporations that offer Islamic Financing. They are: Devon Bank http://www.devonbank.com/popup/Islamic_overview.htm Guidance Financial http://www.guidancefinancial.com/ They provide a rent-to-own option. My concern is that they calculate the rent based on the current interest rates that are set by the Federal Government. As a matter of fact, their rates are higher than a conventional bank. So is it ok get a loan through Guidance or Devon, even though they charging rent based on the current interest rate. Plus they are charging a higher rate than the regular banks. So then what’s the difference between getting a long through Guidance/Devon versus getting a loan from a regular bank. Your input on this will be truly appreciated.

    Hanafi Fiqh | | ShariahBoard.org

    You may be aware of the 401K retirement investments in USA. From these investments of mine, I can take a loan but I have to pay interest on it. The interest money that I will have to pay would actually go to my account itself. It’s just that the system forces you to invest more should you take a loan from your own account (which is currently not accessible practically). Will this type of interest payment (to your own self) be considered as Riba?

    Hanafi Fiqh | | ShariahBoard.org

    I have been made aware of a compliance/financial audit job with Federal Reserve. I do have a friend working there who told me that I am qualified for the position there. Federal Reserve is not like a regular bank where it lends money on interest to consumers. It is more of a regulatory body of the Federal Government that governs economy, and other banks for compliance with government regulations. It is the bank that prints currency bills. I am presently working for a large public accounting company and am exclusively working on audits of commercial banks that lends money to consumers on interest. Is it halal for me to accept this kind of Federal Reserve job?

    Hanafi Fiqh | | ShariahBoard.org

    My brother works in an American bank but his work is not directly related to any loan or interest related transactions. His area of work focuses on strategic marketing of credit card related products for the bank, such as determining late fees (not interest) to be charged, etc. He is inviting me to stay at his house and obviously that would include eating at his place. I would like to know if it is halal to eat at his place considering that he is a bank employee. A quick response will be greatly appreciated.

    Hanafi Fiqh | | ShariahBoard.org

    Sometimes when I am in namaz or reading Quran and also in the bathroom I am getting the whispers of shaitan (ghalath khyalat) which I am not able to control and getting disturbed and not getting interest in praying. I am trying to do more and more zikr. Is it a major sin and I would like to know how to control and overcome these thoughts. And sometimes I am getting negative thoughts like when I hear a good news I am thinking something bad about it. Please tell me what is the problem with me and why is it coming to me, and how to control these?

    Hanafi Fiqh | | ShariahBoard.org

    My family is starting a building business. Is it Haram to pay interest to a family member This decreases taxable profit.

    Hanafi Fiqh | | ShariahBoard.org

    My friend asked me to invest about 70,000 in the year 1997. There was no profit. In 1998 with some discussion he said that he can repay it and documents were prepared. I am not asking any interest, as it is the law for Islam. I found that he is not making any effort to pay till now 2003. Recently during a discussion he said that he wants to perform Hajj. He said that he knew that I will not stopped him. I am confused. He also say that if he dies I had no right to ask his family to settle the debt, as they are innocent. If he settles it must I pay Zakah from the year 1997 onwards?

    Hanafi Fiqh | | ShariahBoard.org

    I work as a self employed taxi man. What is the maslah regarding taking tips from customers. And do I have to pay the full tax requirement according to the law of the land?

    Hanafi Fiqh | | ShariahBoard.org

    Will I be punished for paying interest by the new rules in Credit Card Company

    Hanafi Fiqh | | ShariahBoard.org

    Do lender has legal rights to share in the profit

    Hanafi Fiqh | | ShariahBoard.org

    I want to buy home for my personal resident ? can I get thru bank financing

    Hanafi Fiqh | | ShariahBoard.org

    any interest free bank in Mumbai India

    Hanafi Fiqh | | ShariahBoard.org

    Is Guidance Financial correct ?

    Hanafi Fiqh | | ShariahBoard.org

    Sufism –  Prescrible some methods of tasawwuf for ummah

    Hanafi Fiqh | | ShariahBoard.org

    Will Allah punish men who beat their wife

    Hanafi Fiqh | | ShariahBoard.org