Q. Someone borrows a sum of money from the bank. Is the capital that he borrows considered halal after the person pays out his debt? A. The capital borrowed is halal, however, he will be considered a sinner/transgressor for having agreed to pay interest to […]
Q. Are dividends halaal like the investments in Venture Credit Union? A. I do not know about Venture Credit Union, however, I can give you a principle which you can use to judge the situation. Dividends will be permissible if investments were made in a […]
Q. I saw a question concerning medical insurance and would just like to ask about a slightly different scenario. Would it be permissible as an employee to be part of the company’s insurance scheme if the company pays on behalf of the employees? In the […]
Q. Is it permissible in Islam to be part of a Medical/Dental Insurance scheme whereby the employees all contribute a sum monthly? In the event of a person becoming ill and lands up in a private nursing home for treatment, the insurance company pays the […]
Q. Is it permissible to have insurance on your home to cover against fire, burglary, flood, earthquakes, etc.? Is it permissible for importers and wholesalers to take out insurance on their goods? A. Although insurance is seen to be a security against unfortunate occurrences, it […]
Q. Islamic banking is according to Sharia or not? Their products like Mudarba, Musharka, Ijara and Takaful are really RIBA-free (without interest). A. Islamic Banking is in accordance to the Shariah, and all its products are free from riba (interest). However, at times those who […]
Q. Is it permissible to invest in an institution and save towards receiving a pension at a certain age? If so, what institution is recommended? A. Yes, it is permissible to invest in an institution in order to save towards receiving a pension. However, it […]
Q. I am a middleman in a property transaction, i.e. I am able to get hold of a property cheap because the owner is in financial difficulty and is struggling to pay the mortgage, which would be either capital re-payment or interest only and he […]
Q. I need a clarification on a fatawa I saw on the website concerning selling of car insurance which you said was haraam. Please indicate to me the source of the hadith, and the scholars who made such pronouncement. A. If Auto Insurance existed at […]
Question: Besides giving the money of interest away to the poor and needy is there anything else that the money can be used for? How do I know which persons is poor and needy, to give it to? Some examples will be highly appreciated… Answer: […]