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RIBA

This answer was collected from TheMufti.com, which is a fatwa portal managed by Mufti Ismaeel Bassa from South Africa.

Ruling on exchanging gold jewelry

Answered by TheMufti.com

Q. When I go for Umrah to Makkah, I take my gold and exchange it for gold at the jewellery shops. If I exchange my gold chain that weights 100 grams for a gold ring and gold bangle that weights 150 grams, is this correct Islamically? A. In terms of Shariah, if one is exchanging… read more »

The Muslim brother doesn’t trust him much. So this non Muslim guy gives him a precious stone which is … USD100,000. Is the extra USD 90000 a riba?

Answered by Darulifta Deoband Waqf

The Muslim brother doesn’t trust him much. So this non Muslim guy gives him  a precious stone which is worth USD100,000 as a guarantee to assure the Muslim brother that he will pay back the money on time. This non Muslim guy wrote an IOU as follows: I, Mr XXX borrow USD10000 from Mr XX…. read more »

Penalty for late payment of rent

Answered by TheMufti.com

Q. My landlord has made an agreement with me that if I delay in paying my rent on the 7th of each Month, he will charge me R350 plus vat as a penalty for the late payment of my rent? Is this allowed in Islam? A.In principle, the payment of rent from the Lessee (Tenant)… read more »

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