Business & Finance · Subtopic
Interest (Riba) & Banking
1,723 fatawa from 9 South African Darul Iftas on Interest (Riba) & Banking, part of Business & Finance. Newest first; every fatwa links to the page where its Darul Ifta published it.
Subtopics are grouped from each Darul Ifta’s own categories and the fatwa titles, so the count is approximate.
By Darul Ifta
Interest (Riba) & Banking fatawa — page 42 of 44
- Ask Imaam30 May 2002
LARIBA wants the amount the other shareholder owes towards the remaining shares/units". Question#1: Does such a transaction/contract constitute riba? Is this transaction permissible under Sharia?
A question related to #4086Respected Mufti Ebrahim Desai Saheb, As-Salam Alaikum! I have two related questions (#4086 in Business Matters) regarding…
Moulana Imraan Vawda - Ask Imaam13 May 2002
please tell me If its ok to buy government bonds interest or matures over long period of time, also please tell me the meaning of name Shahzad
1. The purchase of such government bonds is not permitted as they involve Ribaa (interest) which is vehemently prohibited by Islam. 2. The meaning…
Mufti Muhammad Kadwa - Ask Imaam9 May 2002
How to deal with Interest received in the Saving Bank Account?
I am living in USA and have got a Checking as well as a Savings (with Interrest) account in Bank. I use my Savings account to keep my savings…
Mufti Ebrahim Desai - Ask Imaam6 May 2002
Can you please explain the difference between question 192 and 5425, since the employers health cover is also financed via interest transactions.
Question 192 refers to an individual personally taking out a health insurance. That is prohibited. Question 5425 refers to a pension scheme offered…
Mufti Ebrahim Desai - Ask Imaam2 May 2002
If interest money can be used to pay taxes, must an intention be made each time a tax payment is made or is the first intention made valid forever?
According to most Ulama, interest money cannot be utilized to pay taxes. and Allah Ta'ala Knows Best Mufti Muhammad Kadwa FATWA DEPT. CHECKED AND…
Mufti Muhammad Kadwa - Ask Imaam2 May 2002
I really couldnt understand how the salary is halal (ok) for working in IT department of bank
Working in bank in IT departement.
Moulana Imraan Vawda - Ask Imaam1 May 2002
A business account runs into overdraft,and interest is deducted from it.Sufficient funds then accumalate and interest is added to it.May the second sum of interest be used in lieu of the first?
At the outset, we wish to state that it is not permissible to take an interest bearing loan as is the case in an overdraft situation. It is not…
Mufti Ebrahim Desai - Ask Imaam30 Apr 2002
Would assigning a Project of a Bank to a Muslim subordinate be permissible ?
Assalamualaikum Mufti Saheb, I'll be grateful if you could answer the following question I'm working for a Software Development Organization as a…
Mufti Ebrahim Desai - Ask Imaam24 Apr 2002
1.Filed for bankruptcy, can I keep the items that were bought on that card? 2.Auto Insurance?
I was married to a man who did every thing with credit cards, so I bought TV and other items on card. When we divorced, he refused to help me with…
Mufti Ebrahim Desai - Ask Imaam22 Apr 2002
Is it okay to accept credit card rewards?
Salam alaikum, Brother I was wondering if it is okay to accept rewards from Credit cards or not? e.g. some credit card companies offer point reward…
Mufti Ebrahim Desai - Ask Imaam28 Mar 2002
Can Muslims make a donation to the sperm bank? If not, please explain.
Since this requires masturbation, it is not permissible. and Allah Ta'ala Knows Best Moulana Imraan Vawda FATWA DEPT. CHECKED AND APPROVED CORRECT:…
Moulana Imraan Vawda - Ask Imaam20 Mar 2002
It is OK to work in I.T. department of a bank?
If I have a job in Information Technology Department (computer related work, hardware and software, inter branch connectivity of branches) of a bank…
Mufti Ebrahim Desai - Ask Imaam14 Mar 2002
Can i buy a car with interest?
Assalumalaikum I intend buying a car and have only 2 options of purchasing it .The one option would be to buy the car from a relative and pay 25%…
Mufti Ebrahim Desai - Ask Imaam20 Feb 2002
Can i work in a bank as an equity analyst
1)I worked in an investment bank as an equity analyst covering telecom companies.my job was about analysing shares and making these information…
Moulana Imraan Vawda - Ask Imaam16 Feb 2002
Is this RIBA, if not, then why? Please see the details.
Respected Mufti Sahib: Please review the contents of LARIBA's web site at the following URL: http://www.lariba.com/financing/home-mail.sht LARIBA…
Moulana Imraan Vawda - Ask Imaam18 Jan 2002
A wants to buy house from B, but cannot afford it. The bank due to delinquency forecloses the house owned by B. Can A purchase house in an auction held by a) the Bank, b) by government agency?
It is permissible to purchase a house in an auction. and Allah Ta'ala Knows Best Mufti Ebrahim Desai
Mufti Ebrahim Desai - Ask Imaam14 Jan 2002
Paying back interest loan (2 questions)... please see details
Dear Respected Mufti, Assalamu'alaikum wa rahmatullaahi wa barakaatuhu, Six years ago, when I first became Muslim, I took out a credit card and…
Mufti Ebrahim Desai - Ask Imaam8 Jan 2002
Is this RIBA? Please answer in Detail.
Asalam-u-alekum, Dear Mufti sahib, I own a piece of land. I want to build a house on it. I do not have enough money. One of my friend wants to…
Mufti Ebrahim Desai - Ask Imaam3 Jan 2002
I am 40 years old married I want to find out if can buy a house on bank financing because the rent is going up day by day and the salary is not increasin by that ratioo what is your opinion.
When financial circumstances become constraint, we are required to decrease our spending and live within our means. We are not allowed to get…
Mufti Ebrahim Desai - Ask Imaam12 Dec 2001
assalamualikum,I Have an issue with a Bank,
I Have an issue with a Bank, ie, My Mother should have got the FundsWhich were alloted to my Dad(late), and the Bank's delayed in handing the papers…
Mufti Ebrahim Desai - Ask Imaam22 Nov 2001
I own a security company and I do cash collection & banking for a national gambling organisation this contract provides employment for 30 muslims is it Haram and if it is what should i do
Allah Taála orders us in the Quran - And do not assist in sin (Surah Maaidah). Gambling is expressly prohibited in the Quran. To offer a security…
for Mufti Ebrahim Desai - Ask Imaam22 Nov 2001
I work for a division owned by a bank which only does accounting work for the bank. Is this allowed ?
The accounting work does not deal with the actual bank but with the staff and the audit department.Explain to what extent it is permissible to be…
Mufti Taqi Usmani Saheb - Ask Imaam7 Nov 2001
Please explain in detail the definition of Riba.
People don't understand the difference between Interest and Riba. My understanding is when an Owner is financing, he can use any 'interest rate' to…
Mufti Ebrahim Desai - Ask Imaam6 Nov 2001
Respected Mufti Sahib, Assallaamu Alaykum Wa Rahmatullaahi Wa Barakaatuhu It is permissible to get loan from LARIBA (USA)? Was Salaam Rizwan Khan a_rizwan_khan@hotmail.com
Following is brief description from there website: www.lariba.com OVERVIEW: Our home financing model is based on the concept of ?Lease-To-Purchase?…
Mufti Ebrahim Desai - Ask Imaam4 Nov 2001
Are there any businesses that dont deal with interest?
Asalamu alaikum I live in the UK. I cant think of any business that doesnt deal with interest. Does this mean that it is a sin to work for these…
Mufti Ebrahim Desai - Ask Imaam10 Aug 2001
Is repaying a loan at rate of inflation (i.e. index linked) halal or is that same as paying interest (riba)
I am going to university this year. The state has stopped giving out grants for students but do give a loan, which is interest free but is paid back…
Mufti Ebrahim Desai - Ask Imaam24 Jun 2001
Can you own a post office the salary of which is based on traffic, main income of which will be banking transactions.
The income of post office is paid monthly on commission basis, the main transactions upto 70% of the income was up unti 2003 made of benefit and…
Mufti Ebrahim Desai - Ask Imaam17 Jun 2001
Is filing (and then getting it approved, meaning dissolving of all debts) Bankruptcy allowed in the Sharia.
Dear Respected Mufti Sahab Assalaamu Alaikum Wa Rahmatullaahi Wa Barakatuhu This question is USA specific, here in the US one can declare bankruptcy…
Mufti Ebrahim Desai - Ask Imaam16 Jun 2001
Is it considered interest if the retailer charges me a fee for paying via credit card?
Is this interest? Whenever I re-fuel my car, I pay through credit card, but they charge me 2.5% more. The reason for this is that the bank charges…
Mufti Ebrahim Desai - Ask Imaam9 Jun 2001
Is it allowed to take loan from the bank with interest?
Due to my family getting increase, my home is becoming conjusted and difficult to stay. I have two elder brothers both have got married and having…
Mufti Ebrahim Desai - Ask Imaam3 Jun 2001
Are there any Islamic Banks strictly following rules of Shariah operation in USA and Pakistan
We are not aware of Islamic Banks in the US. In Pakistan, the AlBarakah banks are supervised by the Darul Ifta, Karachi. and Allah Ta'ala Knows Best…
Mufti Ebrahim Desai - Ask Imaam3 Jun 2001
I am looking for a good book or website on rules of Islamic banking according to shariah (should include Quran and Hadith references ), Can you please suggest me.
Introduction to Islamic Finance by Mufti Muhammad Taqi Usmani - editor@albalagh.net and Allah Ta'ala Knows Best Mufti Ebrahim Desai FATWA DEPT.
Mufti Ebrahim Desai - Ask Imaam22 May 2001
Taking interest bearing loan.
Assalamu alaikum,. I have researched this dilemma on the internet and have yet to come to an understanding. Some say it is permissible to a degree…
Mufti Ebrahim Desai - Ask Imaam18 May 2001
i work for natwest bank
.but thats the only job i got after so many years as me and my family needed the money. but i work in a different branch in which i only count money…
Mufti Ebrahim Desai - Ask Imaam16 May 2001
I am trying to save some money so that I can buy a house. Until I have enough money to buy a house, should I keep this money in a interest-free bank account or interest-bearing bank account?
I am trying to save some money so that I can buy a house. Until I have enough money to buy a house, should I keep this money in a bank account where…
Mufti Ebrahim Desai - Ask Imaam15 May 2001
I am a bit confused as to why Muslims cannot use (give/get) interest.
Living in a non-muslim country, it is almost impossible not to deal with interest. Such banks are non-existent. Also how can one buy a house or a…
Moulana Haroon Abbaasomar - Ask Imaam5 May 2001
As an accountant, i record interest transactions of my clients. Is this ok
Some clients of mine have bonds, overdrafts, loans, etc. I was not involved in these transactions that they took out. But as an accountant, i have…
Mufti Ebrahim Desai - Ask Imaam4 May 2001
I am a 2nd yr B.Com student, in the working environment, I will invariably be dealing with interest. What is the Islamic position on this? JazaakAllah
Kindly find attached our standard reply to similar questions. and Allah Ta'ala Knows Best Mufti Ebrahim Desai FATWA DEPT. BUSINESS MASAAIL The Qurãn…
Mufti Ebrahim Desai - Ask Imaam27 Apr 2001
My brother is using interest.
.He just got married to a girl he went out with for 2 years but they only bought presents did the movie thing - nothing serious. Although my husband…
Mufti Ebrahim Desai - Ask Imaam14 Apr 2001
Is it permissible to purchase shares in a company that derives some sort of income from interest?
Many or all listed companies today derive some sort of income from interest, ie from banks or other financial institutions which is then utilized as…
Mufti Ebrahim Desai
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