Questions tagged [banking]

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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 ...
2
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0answers
290 views

Are transactions using credit cards haram?

Is it haram or halaal to transfer money using a credit card?
2
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2answers
3k 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 ...
2
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0answers
141 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 ...
2
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0answers
219 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 ...
1
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1answer
43 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 ...
1
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0answers
19 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?
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0answers
30 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 ...
1
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1answer
89 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 ...
1
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0answers
83 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 ...
1
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0answers
21 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 ...
1
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0answers
91 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 ...
1
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1answer
67 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 ...
0
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1answer
42 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 ...
0
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0answers
30 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 ...