RIBA Archives - IslamQA

Find answers to your Islamic questions by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

Early settlement discount

Answered by Muftionline.co.za

Q: We have customers who buy on credit. Is it permissible for us to tell them that we will give them a discount if they pay before the due date? For example, the customer purchases goods worth R100 000 on a three month credit basis. The customer is told, “If you pay within one month,… read more »

Deriving benefit from the bank

Answered by Muftionline.co.za

Q: One benefit of being a client of a certain bank is that you are able to download an application from the internet called the entertainer. This application is separate from the bank and gives you the ability to purchase items at a discount rate. Being able to download this application is not dependent on… read more »

What is riba?

Answered by Muftionline.co.za

Q: Can you please explain to me in simple words what is Riba? A: In the case of a loan it will easily be understood as an additional amount that has been preconditioned over and above the original lent amount. And Allah Ta’ala (الله تعالى) knows best.   Answered by: Mufti Ebrahim Salejee (Isipingo Beach)… read more »

Trading in old jewellery

Answered by Muftionline.co.za

Q: I own a jewellery store. We offer our customers a ‘trade-in’ service where they bring their old jewellery to us, we evaluate it and determine its worth, and then the customer takes jewellery of their choice to the value of the jewellery that was traded-in. Is it correct to deal in this manner? If… read more »

Charging a penalty for late payment

Answered by Muftionline.co.za

Q: Is it permissible to sell an item on terms to pay and in the receipt/agreement it is made clear that if payment is not made by a stipulated date, the person will be charged a set amount for each month in the delay of payment. Both parties sign the agreement and everything is transparent…. read more »

Indexation

Answered by Muftionline.co.za

Q: Is indexation considered as riba? There are 2 methods to go to university 1. Paying upfront 2. Student loan (i know this is haram already but i just want to know about the 1st option whether it is actually halal because only a minority of Islamic scholars talk about this issue of inflation causing… read more »

Sidebar