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Questions tagged [riba]

Riba means Interest. Riba is Haram (forbidden) in Islam, and it is considered a major sin.

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Working on Bank

I recently joined to a Software company where the company is owned by a bank and I have to work with banking softwares mostly and core banking where it deals riba.my task is to support application ...
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Money exchanged for something that can be used as mode of transaction with terms and conditions

If someone buys a product that can be used as a mode of transaction too and the received product is worth more than what it was payed for, is it considered riba? For example, buying a mobile reload ...
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Buying Prepaid Card

Anyone knows the ruling of prepaid card such as google play and steam wallet? say in Amazon US it costs 20 dollar to buy 20 Dollar gift card, but in my country it will cost IDR 22k for 20k, it looks ...
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Insurance interest amount can it be paid in rent to non Muslim owner

As-salam alaikum- I had a insurance policy investment plan I took to save my tax and I thought once It matures I will give away the interest amount and keep what I had paid to the insurance company. ...
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Is it permissible for son to assist a father with money to repay a riba loan?

Asalaam Aleikum Warahmatu'Allahi Wabarakatuhu... My father took a bank loan with interest (riba) and has approached me for assistance with money before the bank takes him to courts of law. Is it ...
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What should i do with riba money if it is already mixed with non riba money?

Assalamualaikum, I would like to ask what i should do with riba money that have been mixed with non riba money. Let's say for example we do some business and sometimes the transactions we do ...
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Interest based econommies being more beneficial?

Is it disbelief if one were to claim that interest based economies are more beneficial in the worldly life than interest free economies?
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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 ...
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I have a question about Interest

I recieved $200 bonus for opening a new account. I opened the account to get $200. Is it interest? Because on the form, bank stated that the $200 would be considered interest on my tax forms.
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Justification of Interest and EMI

This question is regarding a justification given to me about EMI. Suppose I want to buy something which is say worth 100,000$ but I can't afford that much at a time. So the company gives me another ...
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1answer
62 views

The strictest school/denomination/section against usury (“interest”)?

What is the strictest school/denomination/section, in Islam, against usury ("interest")? I mean to a school/denomination/section that not only forbids usury, but also forbids any "mechanism" to pass ...
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1answer
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Is payment processing fee (paid by customer) interest if that fee become a gain for me instead of cost?

I take occasional payment from my customers using bKash (a mobile financial service provider in Bangladesh). I'm using their personal account option, which is mainly for personal transaction. I load ...
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Can one invest in stock equities in the west or better in the world? [duplicate]

Saluma haleikum achi wa achawatie I wonder if one can invest in companies in the west because I read somewhere it is haram to invest your money on companies who trade with riba. But that got me to ...
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1answer
147 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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Is it haram to do a job which indirectly assists riba-based banking?

If I work in a power station, then it indirectly assists the banking system who use electricity to engage in riba. Is this haram? There is nothing in a modern economic system which does not have ...
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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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1answer
129 views

Does buying a phone in installments involve riba, given that the total cost is more?

I am planning to purchase a phone for £25 upfront payment and £25.52 and over 24 months it is £637.48 for the iPhone 7, however, the Buy It Now price is £539, I am aware this includes interest but is ...
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Investing in halal company that is partnered with company planning to add leverage trading (involves interest) in the future

Salam all, I have invested in a cryptocurrency ICO (like an IPO for cryptocurrencies/crowdsale) after researching into it to find any sort of haram connections or actions taking place by the company. ...
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Are there any exception in taking or giving Interest/Riba?

Salaam, As per Quran and many Hadees, Riba is prohibited in Islam. Can anyone give some situations of exception where one can give or take interest or Riba in one way or other? Allah Hafiz
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Giving land to developers who work there by money from interest based loan

We know that after giving our land to them to work with the developers are going to take loan from conventional bank (involving RIBA) to work on my piece of land. So my question is, is it halal to ...
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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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Is calculating a client's tax liability, penalties and interest permissible?

I'm an accountant and I run my own accounting practice. One of the services I offer is to bring the individuals tax affairs up to date if they have not been paying taxes. In this service at the end ...
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Does signing a contract containing Riba related clauses count the same as paying interest?

Many legally binding contracts contain Riba related clauses, such as: If a payment is not made on the due date then Interest will be charged at a rate of x% each day the due amount is unpaid. These ...
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1answer
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Is it permissible to pay off my relative's loan with interest using zakat money?

I am planning to paying off my relative's loan with interest in bank with zakat money. Question: Is it permissible to pay off loan with interest using zakat money?
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1answer
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What does “doubled and multiplied” means in the context of usury in Qur'an 3:130?

O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful. -- Qur'an 3:130 Question: What does "doubled and multiplied" means in the context of ...
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1answer
364 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 ...
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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 ...
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Is fiat currency devaluation via inflation a form of interest, making fiat currency based money haram?

Since almost all currencies used today are fiat currencies with no real intrinsic value, and since most fiat currency devalue, is it really interest when any money bearing this interest is itself ...
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1answer
402 views

Are late payment charges considered as Riba?

Are late payment charges that may arise from being late in paying for bills considered as Riba. For example one misses a payment for their electricity bill, as a result the supplier demands that the ...
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1answer
647 views

Is intraday trading haraam if you convert losses to investments?

The name "intra-day trader" refers to a stock trader who opens and closes a position in a security in the same trading day. ... Day traders and intra-day traders are at the top of the risk spectrum. --...
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Is Usurfruct (where a loaned item produces something) a form of interest?

There is a concept called "Usurfruct" (use fruit) where an item is lent, but it produces something during the period of the loan. I lease my two horses to Omar for a year while he uses my house. ...
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What precisely does the “fallacious” fatwa of Muhammad 'Abduh regarding business transactions involving interest say?

From The Evolution of Fiqh (Islamic Law & The Madhhabs) by Abu Ameenah Bilal Philips (pdf), pages 119-120: Muhammad 'Abduh (1849-1905 CE) ... made a Fatwaa allowing Muslims to be involved in ...
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Is paying 25% more than you borrowed interest?

Sorry if this sounds silly. We can access a government university loans where we have to pay back 125% of what we borrowed. Is this considered interest? I.e. the amount we have to pay back is what ...
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Making Investment with Loan (with Interest)

Suppose a person take a loan from the bank to make an investment. The loan has to be returned with interest. Using the loan, he buys assets. To return the loan+interest, he rents the assets over a ...
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My company sells software to banks, is this riba? [duplicate]

I recently started working for a software company that provides software and support to some banks and hospitals. Since I am not directly working with interest and not employed by the banks, would ...
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Question regarding working for a company where there is a element of interest [duplicate]

I am a Software Developer by profession and I have been avoiding Banking and Insurance sector jobs because of Riba. Also ignoring those companies who are developing softwares specifically for Banking ...
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Is working in a company which deals with bank loans permissible? [duplicate]

The main part of my work (non-Muslim company in non-Muslim country) is preparing export documents to buyers and corresponding with them. At the same time, I have to correspond with the local banks ...
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If interest is haram, how can a Muslim get a house or a car in modern times?

If interest is haram, how can a Muslim get a house or a car in modern times? The prices these days are so inflated it is impossible for regular people like myself to afford the so-called basic ...
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2answers
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Is it a sin to accept e.g. food from a relative who supports herself using riba?

I am in a grave confusion for a long time. I am well aware of the fact that taking interest or being associated with anything related to it is a dangerous sin. But my aunt (from my mother’s side) ...
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1answer
208 views

What is the kaffara on a bank loan with interest over the last two years?

I took a bank loan for education and have been paying interest for the last two years. What is the kaffara for this sin? Please enlighten in the light of Quran and Hadith.
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1answer
318 views

Is it permissible to take commission for converting other people's black money to white?

I need to know if it's halal/haram to convert someone's money from bank. If someone has black money, by which I mean he has not paid tax to the government, can we convert it to white money (i.e. money ...
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1answer
83 views

Paypal charges a tax while transferring money from account to account - is this Riba?

Paypal charges a tax when you transfer money from one account to another. I am confused on whether is this Riba or not. If it is, what if I change the currency while transferring?
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Is earning through the foreign exchange market (forex) halal? [duplicate]

Foreign exchange involves trading of different currencies in order to make a profit. Does the additional amount count as interest or is it halal?
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1answer
413 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 ...
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Can one do sadaqa (voluntary charity) out of haram income?

Can one do sadaqa out of haram income? Is it acceptable to almighty? Or almighty will punish him who will pay sadaqa out of haram income?
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Is Renting a property Haram if the rent agreement contains Riba?

The question is not about whether renting is lawful or not. The question is about the terms and conditions that come in every rental contract, and these are: If the rent remains unpaid for over 14 ...
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1answer
139 views

Is making accounting software for handling e.g. interest haram?

If I make software that deals with credit, debit, assets, liabilities, equity, and stuff like that, and also for recording monthly payments, will that be haram? I ask this because people can choose ...
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2answers
275 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). ...
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2answers
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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 ...
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1answer
146 views

Is it riba (a major sin) to have a mortgage from before I converted to Islam?

Bought a house over 10 yrs ago on mortgage. I became a Muslim several months ago. I know riba is haram but I cannot sell the house because the other co-owners do not want to sell. I also signed a 2nd ...