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usury

This answer was collected from Mathabah.org. It’s an Islamic educational institute based in Canada. The questions are generally answered by Sheikh Yusuf Badat and Sheikh Omar Subedar.

Are Islamic Banking Institutions ‘Back Door Ribā (usury) Outlets?

Answered by Mathabah.org

Answered by Shaykh Yūsuf Badāt Question: What is the situation of islamic banking institutes providing housing loans on Sharī’ah base? I have heard some scholars call it a “back door ribā” as they claim that a banking institute cannot survive without a system based on interest. Please advise! Answer: بِسْمِ اللَّـهِ الرَّحْمَـٰنِ الرَّحِيمِ May Allāh… read more »

Leasing one’s property to a conventional bank

Answered by Muftionline.co.za

Q: Is it permissible to lease one’s property to a conventional bank? A: The majority dealings of all conventional banks are in total contradiction with the laws of Shari’ah. Their main operation revolves around interest and usury. Hence, it is not permissible to lease one’s property to a conventional bank. And Allah Ta’ala (الله تعالى)… read more »

Investment with fixed returns

Answered by Muftionline.co.za

Q: There is an investment company. The company sells sand for building purposes and transports people in busses. You can choose anyone you like to invest in. I chose of sand, then the chairman gave me form to fill, I filled, and I invested the sum of 100, 000 naira. Then the chairman signed the… read more »

Dealing in riba and alcohol

Answered by Muftionline.co.za

Q: Would Allah accept your fasting in Ramadan if you recieve and give riba (usury) and receive income which is based on selling alochol products? A: You will be absolved of the obligation, but the acceptance is very unlikely. And Allah Ta’ala (الله تعالى) knows best.   Answered by: Mufti Zakaria Makada Checked & Approved: Mufti Ebrahim… read more »

Interest

Answered by Muftionline.co.za

Q: What exactly is the definition of interest or riba? Will the return on investment for a business be considered as interest? Tell me briefly about interest. A: If you are referring to getting a percentage of the profits of the investment then it is permissible, provided the business is halaal. Allah Ta`ala states in the Qur’aan… read more »

Working in a bank

Answered by Muftionline.co.za

Q: I am working in the IT sector for a bank. Is this permissible? I create the process of how share holder request are routed from beginning to end with automation. I am not directly working with any customers. If it is not permissible should I quit right away and look for another job? I… read more »

Business dealings with non-Muslims

Answered by Muftionline.co.za

Q: Someone was debating with me a while ago and said “ why do you Moulana’s etc drive cars because the place where you purchase the vehicle from – e.g. Toyota – are in backdraft of over millions, owing other companies money, etc. Will it be haraam to purchase this car. They also gave the… read more »

Working for a bank

Answered by Muftionline.co.za

Q: I’m looking for a job and I got an offer in at an Investment Banking. I didn’t know if I should accept it because I do not know if working in a bank is haram? Can I accept this job offer? A: The majority dealings of all conventional banks are in total contradiction with… read more »

Life insurance

Answered by Muftionline.co.za

Q: Is life insurance allowed in Islam? A: It has elements of usury and gambling. And Allah Ta’ala (الله تعالى) knows best.   Answered by: Mufti Ebrahim Salejee (Isipingo Beach) Original Source Link

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