Questions tagged [loan]

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Can I use interest earned from savings account to pay interest on home loan

I am from India where every salaried individual gets an interest on his salary account by default. I have accumulated a significant sum of this haram money which I am planning to donate. I am also ...
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0answers
43 views

Need loan to expland business operation

I am running a business and I would like to take loan from a bank to buy larger property for business expansion. The property reamins with bank as collateral until debt is paid off. Bank asks for 10%...
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1answer
1k views

Can we perform hajj or umrah with loan money?

I am not having money to perform my ummrah I have taken some money from my elder sister as a loan and I know that i could return her later. So is this allowed in Islam or should we have our own money?
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1answer
2k views

Is it halal to take a student finance loan for education?

Muslim students tend to take a student finance loan in order to go through university without financial strain, but I've recently discovered there is interest involved. According to my friend, some ...
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0answers
137 views

Is a UK university student loan riba, and if so, is it “necessary” if I have no other means to pay for education or to provide for my family?

I’ve heard student loans deemed as Ribaa. However, for a UK university student loan, the conditions are documented: How much you repay You pay back 9% of your income over the minimum amount ...
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0answers
82 views

Is it halal to pay riba with riba? [duplicate]

Instead of sending unwanted income from riba towards charity, would it be halal to use the earned riba to pay the interest-only portion of a loan such as a mortgage or student loan. For example, if ...
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0answers
25 views

Paying off the interest of a student loan with interest earned from investments [duplicate]

Assalaamu alaikum. I have student loans that are accruing a lot of interest. I have an investment account given to me by my employer, but I have not made any personal contributions to it because ...
3
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1answer
876 views

Is it permissible for Muslims to receive subsidy for performing Hajj?

It's a known fact that Hajj is fard only if one is physically and financially able, as the Qurán says it in Al-e-imran : "In it are clear signs, the standing place of Ibrahim, and whoever enters it ...
2
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1answer
709 views

Can borrowed money be counted towards Sadaqa

A person owes me some money and keeps postponing the repayment always. I made intention to give a sadaqa of atleast $x this year. If he never pays me back, or if I ask him to forget about it or if ...
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1answer
452 views

Is zakat mandatory for our family, given my mother is a housewife who owns gold and my father has a personal loan?

I have a small question regarding Zakat: My mother has 113 grams of gold. She is a housewife, and my father has a personal loan. In this case, would Zakat be mandatory for us?
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2answers
1k views

Can I take loan for my mother's Hajj

My calculations suggest that I might be able to afford for my Hajj next year Insha'Allah. My mother has not performed Hajj yet therefore I do not want to go to Hajj without her. However, she cannot ...
2
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0answers
101 views

Can the sum of already-contracted future debt be deducted from zakat due now?

I have paid a deposit to buy a home and an agreement of sales and purchase has been signed. But the full amount is to be paid next month and I'm calculating my zakat this month. Question: Can a ...
5
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3answers
578 views

Is it halal to loan out money which people save in your bank?

Original idea from here. My question is, is it halal to loan out money which people save in your bank? Let's say we have an online website. People can 'lend' money to the website (no interest), and ...
2
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3answers
448 views

How do long term halal loans work with inflation in Islam?

I have a series of questions about Islamic loans. My first question is this: If person 1 loans 100k to person 2 and creates a contract which states that the agreed payback date is 25 years from now. ...
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4answers
39k views

How to calculate zakat while in debt?

I recently bought a house and got Shariah loan (Mortgage). The only difference is that in the Shariah loan they don't use the word "interest". They say I am paying them "rent" at a fixed percentage ...
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7answers
10k views

Is interest-based educational loan allowed?

Students from economically backward communities who opt for higher studies generally depend on educational loans, which are offered with interest, either by banks, developmental organisations, or by ...