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Interest

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Home Equity Loans

Shaykh Muhammad ibn AdamRead

Working at a Firm Involved in Interest-Based Transactions

Shaykh Muhammad ibn AdamRead

Some time ago in my past I took educational loans (loans for schooling). Even then I knew it wasn’t right. I knew I wouldn’t be able to repay them before the “grace period” ended and interest would begin to be charged on them. What can I do now to rectify this great wrong? I have made tauba (forgiveness prayer) several times. Is there anything else I should do to right this situation with Allah? I mean I can’t even pay them back now and interest will continue to be charged on the loans until every penny is paid back. Basically I want to know is making the Tauba enough. I have the intention to never take interest bearing loans again and I want to pay these off as soon as possible. Is there anything else I should do?

Shaykh Muhammad ibn AdamRead

Forwarding Advice on Stock Market Investment

Shaykh Muhammad ibn AdamRead

Investing in the Stock Market and Passive Income

Shaykh Muhammad ibn AdamRead

Is it permissible for a Muslim to send delinquent clients with outstanding accounts to a collection agency when it is possible that the said agency will charge interest to the individual if they do not pay within a certain time? Not all of the clients will be charged interest, but some of them will.

Shaykh Muhammad ibn AdamRead

Does Drawing Money from one’s own Company at Market Interest Rates Constitute Riba?

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

I am about to start a career in law soon. Yet I have been informed that most aspects of English law would be haram to practise. What I would like to know is what principles/rules I should take into account when deciding what area to practise. I.e. would I be allowed to defend people accused of crimes (irrespective of their guilt), or when defending rights, would I be able to advocate rights that may be incompatible with Islam but are a part of English law (homosexual rights etc). What I am asking is what ideas/rules do I use to decide what areas would be permissible and which won’t.

Shaykh Muhammad ibn AdamRead

I always hear that one should not take or give interest. My question is, how can you start a business or deploy industry or for that matter do anything that requires capital without paying interest? Actually if you think about it, we are all getting affect by interest one way or other. Our governments go out and borrow money from IMF to pay its bills and give money to the banks for borrowing? So if the government is>borrowing money you can understand the impact it has on all citizens of that country. Please help me understand how you can setup any business in this world without borrowing money (paying interest) unless of course you are Bill Gates.

Shaykh Muhammad ibn AdamRead

Car Rental Insurance

Shaykh Muhammad ibn AdamRead

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

Shaykh Muhammad ibn AdamRead

Credit Cards and Contracts Involving Three Parties

Shaykh Muhammad ibn AdamRead

Investing in Mutual Funds

Shaykh Muhammad ibn AdamRead

Car Insurance and Family Dispute

Shaykh Muhammad ibn AdamRead

House Contract, a Girl and Parents

Shaykh Muhammad ibn AdamRead

Is Home Contents Insurance Unlawful?

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

What is the ruling on paying car insurance to companies in instalments whereas they charge you added APR, instead of paying a one off instalment? Also if you only wanted to use the car for a few months, you would be paying less than for the full year.

Shaykh Muhammad ibn AdamRead