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 43 of 44
- Ask Imaam7 Apr 2001
Can I take a Loan from a bank if I intent to pay the interest using the interest that the same bank gives me on my account?
Dear Mufti; I have read that you gave fatwah that the interest on a bank account could be used to offset the interest on a loan from the same bank;…
Mufti Ebrahim Desai - Ask Imaam31 Mar 2001
I'm considering to purchase a car with the possibility of making monthly payments/installments excluding interest.
There are only two methods of purchasing a vehicle these days. First, have the entire cash at hand and pick up your car. Or, making monthly payments…
Mufti Ebrahim Desai - Ask Imaam26 Feb 2001
Should I return the interest from my tax return to IRS (Internal Revenue Service)? Should I give this money (interest) to some needy people?
I need an advise in reference to interest income which earned by my tax retrun for the year 1998. I'm a resident of Dallas TX in USA and for some…
Mufti Ebrahim Desai - Ask Imaam23 Feb 2001
A book refers a Maseehah Hadith-interest can be used to build Orphange's and the like. Please clarify this.
Will institutions eg: Hospitals, Drug & Alcohol Rehab Ctrs, Old Age homes, or disabled / mental centres fall under this rule. Unfortunately Muslims…
Mufti Ebrahim Desai - Ask Imaam22 Feb 2001
Understand that working in a banking institution is not right. I feel that collecting interest and paying is haraam but obtaining a salary is not interest since it is money worked for.
I feel that collecting interest and paying is haraam but obtaining a salary is not interest since it is money worked for. What if a person can not…
Mufti Ebrahim Desai - Ask Imaam9 Feb 2001
Is it permissible to work for a micro-finance regulatory body.The work involves approving micro lenders whose business is to loan money and charge interest.
I am working for the Micro finance regulatory council.The aim of the council is to regulate the micro lenders.My work involves accrediting these…
Mufti Ebrahim Desai - Ask Imaam24 Jan 2001
Regarding Riba (interest)
Respected Mufti Sahib, I am trying to convince my father that Riba is Haraam and is strictly forbidden in Islam. I told him that taking as well as…
- Ask Imaam23 Jan 2001
Can interest earned on the bank account be used to offset bank charges (mainly govt taxes) for that same account or other accounts.
Note that all accounts are held with the same bank, eg. Personal Account, Company Account, Superannuation Account etc.
Mufti Ebrahim Desai - Ask Imaam22 Jan 2001
I have been paying insurance for my car every year. Is it permissible to get back the money (excluding interest) from insurance authorities and repair my car?
It is not permissible to take out insurance if one is not required by law to do so. However, you may recover the premiums paid and use them as you…
Mufti Ebrahim Desai - Ask Imaam20 Jan 2001
Can you please tell me where I can invest my money without coming close to riba or any kind of haram?
A list of Islamic banks in the US or overseas; if funds are acceptable; etc.
Mufti Ebrahim Desai - Ask Imaam14 Jan 2001
Can we put money in the bank?
Dear Respected Mufti Saheb, Is it permissible to put money in the Bank. Also if we have a choice of an intrest or non-intrest account what should we…
Mufti Ebrahim Desai - Ask Imaam6 Jan 2001
Is it permissible to use interest money to repair public roads?
Interest is strictly prohibited as expressly mentioned in the Qur'aan and Ahaadith. However, if one uses the bank facility to keep his money, he…
Mufti E. Desai - Ask Imaam15 Dec 2000
Are you allowed to take your interest from your bank account and use it for yourself in this country (Britain)?
It is permissible to use the interest earned from one bank to offset interest charges of the same back only. And Allah Ta'ala knows best Mufti E.…
Mufti E. Desai - Ask Imaam8 Dec 2000
Is it permissible for an accountant to record the transaction of interest in the company's books.
I read in a hadith that the person who writes interest is also cursed. But I am not to clear as to what the hadith implys to. Does it imply to the…
Mufti Taqi Usmani Saheb - Ask Imaam17 Nov 2000
If a person wins money by gambling(millions) can he use that money? Can he use it to pay his debts or invest it in the bank and use the interest money to pay his debts?
Gambling is strictly prohibited (haraam). The income from gambling is also haraam. Was salaam Mufti Ebrahim Desai FATWA DEPT
Mufti Ebrahim Desai - Ask Imaam7 Nov 2000
Asalaam u alai kum Is it wrong to work for a non-islamic bank? If yes, please answer why...?
And if the answer is NO, please also explain. Jazakallah. Salaam
Mufti Ebrahim Desai - Ask Imaam7 Nov 2000
does the money received as interest be used to pay taxes
Interest monies must be given to the poor and needy who are eligible to accept Zakaat without the intention of reward. However, interest received…
Mufti Ebrahim Desai - Ask Imaam25 Oct 2000
I have to pay interest to my university on the remaining fees I have not been able to pay. Please explain.
Asslamwalikum, I am a student in Canada. Due to my parents financial status, i was not able to pay me fees in full and ended up taking a govenment…
Mufti Ebrahim Desai - Ask Imaam21 Oct 2000
Are Muslims allowed to receive interest?
My question is: Is it allowed for a Muslim to place his money in the bank and recieve interest,although the bank does have a checking account with…
Mufti Ebrahim Desai - Ask Imaam19 Oct 2000
I would like to know if the paper money we used as currency is considered to be riba?
I hear from certain group saying that the paper money is riba but we are not in sin because we are forced to use it. Is it true? If true how do we…
Mufti Ebrahim Desai - Ask Imaam3 Oct 2000
If some one deposite money in bank for a fix period and get a fix amount every month is it interest(Hiba) or not?
The excess on a fixed deposit is interest and strictly prohibited. Interest monies must be given to the poor and needy who are eligible to accept…
Mufti Ebrahim Desai - Ask Imaam2 Oct 2000
Can I use some of interest money to pay off the income tax on the interest and rest to the poor.
I live in US. I was told that the interest earned on the money that is kept in banks can be given to poor without expecting any reward for that. So…
Mufti Ebrahim Desai - Ask Imaam29 Sep 2000
If I pay interest for the house but it comes out of my taxes, is it ok? (if I pay interest, I dont pay taxes, vice versa)
(1)This is the explanation of one of the Brothers for paying interest on his house. The banks in USA are all private mostly which are supported by…
Mufti Ebrahim Desai - Ask Imaam27 Sep 2000
A Muslim organisation used interest money in building of a pathway to the Masjid. This was done unintentionally due to not checking their bank statement. How can this be rectified?
The organization should fill in the amount used for the pathway with Lillah monies. and Allah Ta'ala Knows Best Mufti Ebrahim Desai FATWA DEPT.
Mufti Ebrahim Desai - Ask Imaam20 Sep 2000
Is it allowed to work for a company who develops softwares for Banks (involved in interest money)
Assalam-o-Alaikum An Important Question: I have been told by some muslims brothers that doing job for a Bank or a company which is involved in…
Mufti Ebrahim Desai - Ask Imaam15 Sep 2000
Is paying interest on federal government loan for buying house Halal, with the intention of legally saving excessive federal income tax?
The federal government charges 16-40% income-tax on gross income every year. However if I take loan from the federal government money for buying a…
Mufti Ebrahim Desai - Ask Imaam14 Sep 2000
Is it possible to have a bank account and deposit money, where that bank deals with interest related matters.
I am living in Non-Muslim country. Here we can not find any Interest free banking system. Is it allowed to deposit money in bank where they involved…
Mufti Ebrahim Desai - Ask Imaam12 Sep 2000
If a company has gone into liquidation but the shareholders promise to repay all creditors over time, will the shareholders still have to repay the interest they owe to banks?
In principle, it is not permissible to pay or earn interest. If the interest owed is defaced due to liquidation, it simply facilitates to comply…
Mufti Ebrahim Desai - Ask Imaam7 Sep 2000
Is Interest prohibited between a Muslim and non-Muslim in Darul-Harb (non-Islamic state) like South Africa, UK, Australia, etc.?
Mufti Khadem Islam gives fatwa that buying mortgage house in UK is allowed because UK is a kaafir land.
Mufti Ebrahim Desai - Ask Imaam7 Sep 2000
I am interested in doing Islamic Studies via correspondence next year.Who do I contact?
We are not aware of anyone offering Islamic studies course by correspondence. However, you are welcome to correspond with us until you come across a…
Mufti Ebrahim Desai - Ask Imaam5 Sep 2000
Can I disburse of interest by paying Rands locally against interest earned on a bank account overseas in US Dollars thereby making the US Dollars halaal?
Rand = South African currency
Mufti Ebrahim Desai - Ask Imaam4 Sep 2000
Is interest money Halal for Muslims?
While answering one question you have mentioned that interest money can be given to poor and needy. I would like you to please check the…
Mufti Ebrahim Desai - Ask Imaam4 Sep 2000
Is it halal or haram to borrow money from the bank on interest in order to purchase a house or a property ?
To take a loan on interest is strictly prohibited in Shari'ah. The negative consequences of such a loan could be worse than the present grief and…
Mufti Ebrahim Desai - Ask Imaam27 Aug 2000
What is the alternative solution of Riba?
In Islam I know Riba is haram. Is there any Islamic banking system which can remove riba from our society?
Mufti Ebrahim Desai - Ask Imaam27 Aug 2000
Please advise if it is acceptable to approach a conventional bank to effect an asset based transaction where the interest rate and the period of re-payment is fixed?
If the conventional bank offers a loan on interest, it is not permissible even if the interest rate is fixed. The Qur'aan expressly prohibits every…
Mufti Ebrahim Desai - Ask Imaam27 Aug 2000
In India money in the bank gains interest which is unavoidable. Can I give that interest money to Madarasa, poor people marriages, poor relatives,etc
Interest monies must be given to the poor and needy who are eligible to accept Zakaat without the intention of reward. However, interest received…
Mufti Ebrahim Desai - Ask Imaam27 Aug 2000
Can a Muslim organisation collect interest money from Muslims to help renavating a department in a Goverment hospital which all kinds of Muslims use. They requested Muslims to assist them.
Interest monies must be given to the poor and needy who are eligible to accept Zakaat without the intention of reward. However, interest received…
Mufti Ebrahim Desai - Ask Imaam27 Aug 2000
Selling property with fake 'interest' to gain tax relief.
We have negotiated a sale of a property at R1 million cash or R2 millionpayable over 12 months in equal instalments. Our accountant has advised usto…
- Ask Imaam27 Aug 2000
Is it permissible to use credit cards?
is it permissible if payments are paid on time and no interest is acrrued..
Mufti Ebrahim Desai - Ask Imaam27 Aug 2000
If a person borrows money and repays the loan plus extra as fees with no time restrictions, is this still interest?
The extra amount on the loan will be interest. and Allah Ta'ala Knows Best Mufti Ebrahim Desai
Mufti Ebrahim Desai
Read-only index of fatawa already published by South African Darul Iftas, each linked to its original. Not a fatwa service — for your own situation, ask the issuing Darul Ifta.