IslamQA

RIBA

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...

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...

Personal Indemnity Insurance Haram?

Asalaamualaykum I am currently working as an optician in the UK where we have to be covered with personal indemnity insurance by law, which gives us legal cover if we are sued by a customer. At the moment my employer covers this for me but I’m planning to change jobs...

Loan Interest Hukm

Assalamu’alaikoom Ya Mufti, Please kindly explain to me why a conventional loan annuity interest that is originally Haram due to Riba can change to Halal after the said interest is converted to Ujrah and the said Loan Transaction is converted to the ‘Aqad Ijarah....

Is invoice discounting permissible?

Question: Is invoice discounting permissible? Answer: In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Invoice discounting is a form of short-term borrowing often used to improve a company’s working...