usury Archives - IslamQA

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

sharing profits

Answered by Darulifta-Deoband.com

I have a friend he asked me to lend him 120000 Rs for buying a used car he told me he would sell it to other guy and the profit he would receive in selling that he would also give me a share of profit amounting to Rs 15000. Now he has bought the car… read more »

Breakdown cover

Answered by DarulIftaBirmingham

Answered by Ustadha Mahdiyah Siddique Question: In this fatwa:http://daruliftabirmingham.co.uk/selling-homecare-cover-on-behalf-of-british-gas/You said boiler cover is acceptable because: “A breakdown cover is different from insurance in that one pays for the service, which the company offers him, which is to assist him at any time. The company does not pay any damages towards it…. read more »

Breakdown cover

Answered by DarulIftaBirmingham

Answered by Ustadha Mahdiyah Siddique Question: Asalamualaikum Hazrat. In this fatwa:http://daruliftabirmingham.co.uk/selling-homecare-cover-on-behalf-of-british-gas/You said boiler cover is acceptable because: “A breakdown cover is different from insurance in that one pays for the service, which the company offers him, which is to assist him at any time. The company does not pay any damages… read more »

Can I Charge a Penalty for late Payments?

Answered by Fatwa-TT.com

Question: I own a property and I rent or lease it out. Can I charge a penalty for late payments. And can I charge a penalty if it is in the lease agreement?    Answer: In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. To charge late fees for… read more »

Disposing Accumulated Interest (Ribā)

Answered by Mathabah.org

Answered by Shaykh Yūsuf Badāt Question: My parents saved some money for me for my education and it has earned interest (ribā). How can I get rid of this ribā money? Answer: Jazāk Allāh Khayr/ Thank you for your question. If usury and or interest is accumulated, then it will be disposed of by giving… read more »

Life Insurance in Islam

Answered by Mathabah.org

Answered by Shaykh Yusuf Badat Question: Is life insurance permitted in Islam? Answer: Jazakumullahu Khayran/ Thank you for your question. Islamically, life insurance is prohibited due to the elements of interest, gambling and future uncertainty. In almost all insurance cases, the insured who pays the premiums either receives no amount or more than the amounts… read more »

The Islamic Perspective; Working at a Bank

Answered by Mathabah.org

Answered by Shaykh Yūsuf Badāt Question: As banks are related with interest, is the salary earned by working in a bank ḥarām (islamicaly prohibited)? Answer: Thank you/ Jazāk Allāh Khayr for your question. May Allāh bless you for your concern regarding permissible work in Islam. In regards to one’s salary earned in a bank and… read more »

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