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Hanafi Fiqh

Interest related

Assalamualykum wa rahmatuallahi wa barakatuh. Dear Mufti sahib in Shaa ALLAH I pray you are doing good.

Dear sheikh my friend recently told me that he had found many references and evidence from the Quran and Hadith which prohibits the consumption of interest riba. His question is that if there are any references also explicitly prohibiting the paying of interest. He says that payee of the interest is Mazloom and has no choice therefore it is not haram. Sheikh would you be able to help me regarding this issue by sharing some references from Quran and Hadith regarding the paying of interest is haram.

I pray ALLAH grants me knowledge and grants us jannat.

JazakALLAH.

Wassalam.

Hanafi Fiqh

Help 2 save scheme

Assalamualaikum wa.

I have been using the governments help 2 save scheme where the government gives you certain percentage of what you’ve saved as a bonus for using this scheme.

So how it works is that I am only allowed to save anything from £1 to max £50 per month over the course of 4 years. You earn your first bonus after the first 2 years and last bonus at the end of the 4th year and you can not use this scheme again. You are only allowed to use this once. I am allowed to withdraw money from my savings at any point however it will effect the final bonus I earn.

My question is, is this bonus considered as interest or gift and is it permissible or not?

Jazakallah,
Wassalam

Hanafi Fiqh

Life endowment insurance

Assalamu aleykum wa rahmetullahi wa beraketuhu.
The question is: let’s consider a person has a monthly gross salary of 1000 USD, and after deducting all mandatory government payments, he receives a monthly net salary of 750 USD. Now the government adopted a decree that allows a person to sign a life endowment contract with an insurance company that means a person agrees that every month 50% of his monthly gross salary (500 usd) will be transfered to the account of that insurance for the period of 36 months and only after 36 months is over, the insurance company pays back the total amount of the money collected in the account to that person (500 x 36 =18000 Usd). But the person cannot use that money for 36 months and during this period what the insurance company is doing with that money we do not know, Allahu Aleem. In addition, the insurance company pays additional 2% of the total amount at the end of 36 month period as a bonus (18000 + 2% = 18360.) but the person may refuse to take that 2% bonus if he does not want it, most people do not take that bonus becuase it is riba thus haram. If a person decides to stop the insurance contract before 36 months period end, let’s say a person paid 50% of his gross salary to the insurance company for 28 months then he wants to stop it) then all the government mandatory payment is deducted and the rest of the amount is given back to the person.
Is this type of insurance halal or haram from Shariah perspective?
Wassalamu aleykum.

Hanafi Fiqh

Help with Halal Investing

Assalamu Alaykum wa Rahmatullahee wa Barakahtuh,

Sheikh, would you please provide some advice on halal investing? I am interested in investing, but I want to be very cautious with navigating this in a halal manner, and I am not sure which investments would be halal, beyond a basic understanding.

I understand the basic tenets of halal investing, such as the company itself should be halal and sell halal products, the company should not engage in riba, etc.

What I don’t understand is whether it is permissible to assign thresholds to those tenets, such as saying that investing in a halal company is permissible as long as total interest/debt is less than 5% of the total makeup of the company, for example. And if such a case is permissible, then is purification of that wealth a requirement (for example, giving away 5% of the wealth earned as a charity)?

Also, would you provide insight on Wahed Invest, AAOIFI, and the Shariyah Review Bureau? I’ve seen these entities promote halal investing but I am not sure whether to trust them or not and I want to be very cautious with this.

I’ve tried to find some feedback from scholars on this topic, but I can’t find much on it, so any advice on this would be much appreciated.

Hanafi Fiqh

Selling old/rare/ limited edition coins

Assalamu alaikum Sheikh
My question is :

Can i sell old and rare coins and notes/bills at a high price than its face value to a person who collects different types of coins and is willing to pay high price for those coins ?

**Kindly note that for a collector these coins are not a regular currency but some collectable.

Also there may be some coins which are no longer in use like 25 paise,50 paise coins etc. while there are some coins which are used as regular currency like 1 rupee 5 rupee coin etc
But because these coins were either old/rare or were produced in limited quantity are therefore of high value in market**

I have attached a link with this question, which shows how valuable these coins can be…

https://www.news18.com/news/business/earn-upto-rs-1-5-lakh-with-rare-coins-and-notes-of-1-to-100-rupees-know-details-3975209.html

Hanafi Fiqh

Car insurance scenarios

Assalamalaykum brother I was wondering if you can give me some advice on something?
I bought a car and need to put insurance on it, if I pay monthly the yearly total comes upto £800 but if I pay it off fully in one go it’s about £650, is it haram/riba to pay monthly?
Also can I take out comprehensive insurance as this allows me to drive multiple vehicles