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Paying back interest of a loan with interest earned from a bank acciunt

I have took a loan. I am going to pay it back for next ten years. Every month I pay 600 dollars interest in this loan installment. After taking loan, I got 50 thousand dollars from somewhere. I asked ...
SNiaz's user avatar
  • 1
0 votes
0 answers
9 views

Should zakath payable for investing money in an islamic bank?

I have invested a specific amount in an Islamic bank. They will share with me a percentage of profit or loss every month. The profit will change every month. I can't access the capital amount. Should ...
Proud Muslim's user avatar
0 votes
1 answer
33 views

IS ILLEGAL WORKING HARAM?

I wanna ask, I currently left a job at bank, (due to it being riba based) and recently I got hired in a Real Estate company, after I joined, I came to learn that my job role i.e. Telecalling for Real ...
Striving Muslim's user avatar
0 votes
1 answer
27 views

Can I work for conventional bank in an organisation

Assalamualaikum, I just want to know about can we work in conventional bank in an organisation where we have to work as fraud risk analyst where customers has file a complaint about fraud has happened ...
Abdul Khader's user avatar
0 votes
0 answers
30 views

Is working in Investment Bank as a Software Engineer haram?

I’m a student and looking for jobs so i was wondering if working in such companies is haram as software engineer. I’m mostly confused by fatwas some say it’s haram, whistl some say it’s halal as we’re ...
M-Khan's user avatar
  • 1
1 vote
1 answer
74 views

Getting riba unwillingly

I have my money in a bank where you can put your money in a savings account or current account. The bank gives interest every 1 January for both accounts, but current account has lower percentage ...
Elor's user avatar
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0 votes
0 answers
19 views

Query regarding Current Account in a conventional bank

Well I know that current account itself is not haram, because there is no interest involved in it. And i know that it is better to use Islamic banks. But my question is that if my company only pays me ...
Raja Uzair Zia's user avatar
0 votes
0 answers
32 views

Change of hands during heirship in Islamic economics

I recently learnt (from sources like ustad Zaid Patel's course in Hindi/Urdu and Sheikh Bilal in English) that if a person's income is haram or includes haram, it becomes halal for the other person ...
Isl's user avatar
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1 vote
1 answer
78 views

Do the principles of Islamic finance apply to central banking?

Given the current situation in Turkey, I was wondering whether the principles of Islamic finance applied to central banking, as I thought they only applied to the retail banking sector, but President ...
user avatar
-2 votes
1 answer
134 views

Is it haram to work in a bank? [duplicate]

My cousin works in a bank but he works in HR.
Muhammad Taha Siddiqui's user avatar
0 votes
1 answer
140 views

DISOBEYING FATHER FOR NOT DOING HARAM JOB [closed]

Asslamualikum! I was a finance student back 2 years ago. You know that doing job in a bank is haram as it involves Interest so due to this reason my aim was to do a job in a company as they aren't ...
Anonymous's user avatar
2 votes
1 answer
217 views

Bank IT Job if the Salary is not Given by the Bank

As-Salamu Alaykum. I am in a dilemma right now. I know that to be considered a halal income source, two conditions must be satisfied: The work itself is not haram. The salary must be from halal ...
Shahriar Tasnim's user avatar
1 vote
1 answer
651 views

Using PayPal to pay for goods and services

A similar question has been asked here about transferring funds through PayPal but the purpose in this question is different: it is about buying something (or paying for something you are going to get ...
Selim's user avatar
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2 votes
1 answer
55 views

How do Muslims define Usury or interest (Riba in Arabic) under the modern developed economy?

What is the definition of interest in Islam ? Anything in addition to the principal or price? Is modern economics possible if Riba is forbidden?
Mohamed Ameen's user avatar
0 votes
0 answers
80 views

Difference between commerce and Riba in Islam, Does commerce entails risk?

What's the difference between commerce and RIBA in Islam? Let's take the example of looking for a loan to buy a house. Traditional banks are using Riba because they lend you money, you buy your ...
user avatar
1 vote
0 answers
194 views

Is working in bank IT department is haram?

I've been working in a bank for almost 1 year. I'm work involved in development & maintenance of remitting software and various bill collection utility (Electricity, Gas, Water etc) software. My ...
Abdullah Al Mamun's user avatar
1 vote
1 answer
107 views

If there is no way at present for me instead of depending on bank interest , what should I do?

Assalamu Alaikum. I'm a student who's father died 5 years ago. When he was alive he saved his part of income in bank accounts. Now I live with my mother and I'm the only child of my parent. As far as ...
Noushad's user avatar
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1 vote
1 answer
296 views

Where are free from riba countries?

In the name of Allah, I live in a country where all the banks are likely under a central bank that charges interest. So in order to get out of this system, I want to migrate to another country that ...
Rafid's user avatar
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1 vote
0 answers
98 views

How to avoid Central Banking System in a country?

I live in Indonesia where all banks is likely under a central bank. As we know that the central bank still applies interest rate, so all the 'sharia labelled' banks in Indonesia is still affected by ...
Rafid's user avatar
  • 299
1 vote
1 answer
262 views

Dealing in Interest while Living in a Non-Muslim Country

If a person lives in a country which has an interest based banking system then is he not allowed to work in any company or institution then? As all companies will comply with the government rules ...
user avatar
1 vote
3 answers
176 views

I want to buy a product but they only accept credit cards so can I apply for one and buy the product?

Iam a student from india.I want to use adobe products and using pirated version is is haram so i want to buy genuine products.Adobe provide their products for 1 year subscription monthly(annual plan-...
Yaser's user avatar
  • 11
1 vote
0 answers
24 views

Using interest money to make up for capital loss

Assalamoualaikum, If we have a capital deposited with interest in a savings bank account for necessity purposes, and now an amount of the capital is lost, can we take an equal amount from the ...
Abdullah Husnayn's user avatar
2 votes
0 answers
97 views

Does one have a profit in an Islamic banking system?

Usually when you open an account in a bank they try to attract you with interest. My question is how so called Islamic banks can -likewise- offer their customers, especially as riba (and interest is ...
Medi1Saif's user avatar
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-1 votes
1 answer
209 views

Is a bank job which is related to an ATM cards department haram? [duplicate]

I was wondering if doing a job in bank which is related to ATM cards department is haram. This department is not involved in any interest transaction.
mohammed anjum's user avatar
1 vote
1 answer
1k views

Is buying a car on installments from a commercial Islamic bank haram?

I want to buy a car from Suzuki through a so-called Islamic bank on installments. However, the car price is 11 lakh but I have to pay approx 14 lakh in 5 year installments. Is this interest or ...
sohaib naeem's user avatar
2 votes
0 answers
316 views

Are transactions using credit cards haram?

Is it haram or halaal to transfer money using a credit card?
Mohamed Nasik's user avatar
3 votes
0 answers
2k views

Is working in central bank haram which does not provide loans nor keep deposits based on interest?

So far I know that working in riba-based bank is not allowed. But for central bank, which does not provide loans nor keep deposits based on interest, will it be permissible to work on the central bank ...
user19867's user avatar
3 votes
2 answers
542 views

What to do to prevent or overcome bank interest (riba)?

I'm working abroad and my bank account is in USD currency. Nonetheless, the bank does not offer interest-free banking for some reason (said that its a system generated for each deposit I receive). ...
AzkerM's user avatar
  • 333
2 votes
3 answers
5k views

Is it haram to invest on a bank's stock that has interest as a source of income?

I want to invest in a bank's share, but I know the bank earns interest as a source of income. But it does have other sources of income too. Will it be haram for me to invest in it knowing that it ...
Zaman's user avatar
  • 379
2 votes
1 answer
2k views

Is it permissible to work in a bank in Islam? [duplicate]

I want to know if working in a bank is Haram or Halal in Islam? I am currently working in a Investment company. I am getting confused regarding this ruling.
Nijar Hossain's user avatar
2 votes
0 answers
161 views

What happens if you are late with your payments to an Islamic bank?

According to one answer here: https://www.quora.com/How-do-Islamic-banks-make-money-if-they-cant-charge-interest-because-of-sharia, you have to pay what you owe and the bank can force you to pay. So ...
user14501's user avatar
2 votes
0 answers
232 views

Question on Murabaha (selling the product before the end of the contract period)

Assalamu alaikum All, In a Murabaha, can the Buyer/Agent of the product, who promises to buy the product from the Seller at a later point in time, sell the product to his customer (with the Seller's ...
Erly's user avatar
  • 21
6 votes
1 answer
536 views

What happens in a Murabaha mortgage when the seller defaults?

The question Why is Murabaha not considered Riba? discusses the theoretical difference between Murabaha and riba. I would like to know if there is any practical difference. To be concrete, let's talk ...
Erel Segal-Halevi's user avatar
8 votes
1 answer
5k views

Is indirect help to a riba business haram?

I came across the question Working in banks in an Islamic country. According to my understanding of the answer by Shaykh Muhammad Saalih al-Munajjid, You are doing haram if you are helping someone ...
bjan's user avatar
  • 439
2 votes
1 answer
10k views

Is it permissible to work in a financial institution, if you work in a role that does not directly deal with riba?

I am a Muslim undergraduate student in the US who is contemplating career options and thinking about the finance track that a lot of undergrads gravitate towards (positions in investment banking or ...
geph89's user avatar
  • 59
6 votes
1 answer
3k views

Is working for a bank as a software engineer Haram?

If I have to work as a software engineer in a banking company is it Haram? I have this doubt because, that bank will be working solely on the basis of interest, which is haram. I am an active part ...
Hussain Akhtar Wahid 'Ghouri''s user avatar
3 votes
1 answer
96 views

Is it necessary for the mudarib to reveal his dealings to the rab-al-mal?

In a mudarabah-based business, does the rab-al-mal have the right to know which businesses the mudarib chooses to invest the capital in? If, for example, the mudarabah contract clearly requires the ...
Muneer's user avatar
  • 133
2 votes
3 answers
7k views

What is the islamic view on profit received from a Profit and loss bank account?

Is it a sin to receive profit from a profit and loss bank account? I heard that profit earned from one's bank account is haram. But how would this change if the person also incurs a loss in case the ...
zzzzz's user avatar
  • 121
6 votes
2 answers
733 views

What to do with interest paid by banks? [duplicate]

I am being paid interest into my bank account and not really sure who to give it to. Is it simple enough for me to donate it to the mosque or does it have to be donated to somewhere specific?
Yasir's user avatar
  • 137
3 votes
1 answer
4k views

What is the ruling on working in bank projects? [duplicate]

A company is likely interested in hiring me and I am actually going through several interviews. It is a software vendor company that develop products for testing, validating, and virtualizing services....
user2928's user avatar
11 votes
3 answers
6k views

Why is Murabaha not considered Riba?

To take the definition of Murabaha from Wikipedia: This concept refers to the sale of goods at a price, which includes a profit margin agreed to by both parties. The purchase and selling price, ...
Muz's user avatar
  • 3,284
3 votes
2 answers
11k views

What does profit rate in an Islamic banking mean?

Is it similar to interest rate in conventional banking?
aish123's user avatar
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5 votes
2 answers
14k views

What are the credit card services that are not haram? and how is it built to make it not haram?

Basically my question is in the title field, my question stems from this comment: It deserves mention that not all credit card services are haram, it depends. – Tamer Shlash, Jul 29 '12 at ...
مجاهد's user avatar
  • 15.3k
25 votes
4 answers
108k views

How do Islamic banks make money if interest is prohibited?

I know that Islamic Banking involves the prohibition of interest based loans. But how do Islamic Banks make profit if they charge no interest?
Abbas Gadhia's user avatar
  • 1,301
6 votes
1 answer
7k views

What is Mudarabah in Islamic Banking? How is this different from traditional banking?

I believe that the Islamic Banking system is pure from impurity of Riba (interest). But some of the Muslims do not see any difference between the Islamic Banking and traditional interest based ...
Anwar's user avatar
  • 1,132
5 votes
6 answers
40k views

What is the Sharia ruling on working in a bank?

Nowadays, lot of students look for getting a job in banks. What is the Islamic view if a person gets a job in bank?
Abdul Gafoor K V's user avatar
16 votes
5 answers
41k views

How to cope with interest payed by banks?

People have saving accounts in bank to save money in a secure place. And Salary accounts are also a kind of Saving account. Banks usually pay a small amount of interest after particular interval. My ...
Inshan's user avatar
  • 1,233