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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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27 views

Indexed Linked Investment Certificates - haram or not?

I am aware that Riba (usury) and investing in specific markets (Alcohol, Porn, etc.) is haram. However I was wondering if investing in index-linked certificates are deemed to be halal..? These ...
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231 views

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 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 halal to take a riba-based loan for someone else, and receive fees for this?

I was given an offer to get a loan for a builder, in return of which he would give me 6% of the loan amount. The procedure of work is: The builder would put his property in my name which I need to ...
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2answers
274 views

Can I exchange notes to coins but for a lower amount?

There are situations when we are need of coins. At times, some touts like to take advantage of the situation and take a fee to the exchange from us. For example: For a bill of $10, they return only $...
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187 views

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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0answers
42 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
211 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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Have i committed riba or is it fixed?

This just popped back in my head. So i bought an online item some other time. And i did not really like it so i refunded it. I got my money back but i still had the item (which i didn't want to). So i ...
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1answer
84 views

Is this riba and how do i fix this?

At the vending machine in our school, i got a hot chocolate. I wanted to pay, but the machine didn't let me. And you also have to pay with credit card. What am i supposed to do?
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Can I work in a company that provides solutions to the bank?

What is the ruling if I work for a company that provide solution to interest based banks? Also what is the ruling if a bank is giving me money to do a task that is not related to banking.
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Take interest and give away stuff instead [closed]

If I have 300 USD of interest in cash and a jewellery of 300 USD from halaal money, if I need cash right now, can I give the jewellery to charity instead and take the interest money?
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Is it haraam to work indirectly for riba based firms? [duplicate]

I am looking to make career in data scientist. But most of analytics firm have clients of banking and financial institution,insurance,entertainment firm etc.so if i work for this client and analyze ...
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78 views

Buying a house with interest?

I thought about it and if I want to buy a house in Germany, there is nearly no way that you buy it without interest. The exception is when you are wealthy. I know that bank interest is haram and I ...
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1answer
78 views

Is being a Finance Controller/ CFO haram?

In both of these jobs, the person has to decide how to finance his business operation which sometimes is by taking loan from financial institutions like banks. Also, In multinational companies, the ...
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0answers
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Why is there no worldly punishment prescribed for dealing with interest?

It seems that interest ( riba) was said to be worse than adultery. I am wondering if that's the case, why is there no worldly punishment prescribed for ones who engage in interest but yet adulterers ...
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2answers
668 views

Is doing a course and pursuing a career in Algorithmic Trading halal or haram?

I want to do a course in Algorithmic Trading. The course itself does not talk about interest (Riba), but the applications of Algorithmic Trading may consider Riba as one of the factors. Is it ...
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7answers
19k views

Is Binary Option from an Islamic account (No riba and swap-free) halal or haram?

lately I discovered the Binary Option system, with a little bit of research I found companies who offer an Islamic Account to trade. However when I searched on the internet to find if this kind of ...
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4answers
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Is it Haram to work in Banks? [duplicate]

I was wondering would it be haram to work in a bank as the banks profits are a result of interest which is haram in Islam, if it is haram would that mean it would be haram even if a person acquired a ...
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51 views

what is the Islamic point of view about taking balance as loan in cell phones?Does that count in interest?

When we take loans, a particular network provides us loans but then they deduct more credit after we recharge.
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How to buy a home in halal way

Assalamu Alaikum, I knew in India all the bank giving a loan based on interest, Now a days buying a home without loan is difficult for upper class family itself. then how a middle class man buy a ...
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2answers
2k views

Is crowd-funding Halal?

Is it Halal to donate money to company (who need money to fund a product/project/etc...) online via crowd-funding sites such as: Kickstarter or IndieGoGo? What if I gave money to a company (who need ...
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1answer
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Loans based on deposit?

Is it permissible to give an interestless loan in which the loaning party holds a sentimental item of the one taking the loan until the loan is paid?
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428 views

Can I do banking job?

I am a Muslim girl and I have just qualified my Inter examination. When I was in class 2, my father expired and in my family I have 1 younger sister and my mother. Since then I had been supported by ...
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1answer
440 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 ...
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Is interest entirely haram or can there be exceptions under neccesity?

A query in similar to a question posted on this site (Is interest-based educational loan allowed? ) (this may seem like a similar question, but from a clear angle). Allah says: “Those who devour ...
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1answer
55 views

Is extra money out of love or fine over a loan regarded as Riba?

I am trying to find the answer for the below two scenarios. Let's assume someone has given a loan of $10000 for a period of 2 months. Scenario 1: The lender and borrower decide that for every extra ...
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6answers
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What is ربا (Riba) according to the Quran?

What is Riba according to the Quran? Please also state the verses in the Quran that hints to the term.
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3answers
442 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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Difference between Riba & intrest

Two types of banking system are available in the commercial business I e conventional banking and islamic. Normally two words Riba and intrest are used for benefits of account holders. What is ...
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224 views

Is Usufruct (where a loaned item produces something) a form of interest?

There is a concept called "Usufruct" (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. These ...
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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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1answer
718 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
5k views

Is it permissible to use cash-back credit cards and accounts?

My concern and question is, nowadays in the USA many credit cards companies are giving cash-back rewards. Some checking accounts (e.g. Discover) also give cash-back points and rewards bonuses for ...
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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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6answers
3k views

Difference between Riba and Rent

As stated in the title the question is about the difference between accepting riba and accepting rent. according to my understanding riba is when you give loan of some commodity to a person and during ...
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0answers
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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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6answers
26k 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?
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6answers
102k views

Why is Interest such a bad thing according to Islam?

Source of quoted texts: islamqa.com. "Those who eat Ribaa will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaytaan (Satan) leading him to insanity. ...
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6answers
10k views

Is real estate business allowed in Islam?

Is real estate business allowed in Islam? I live in the US and most buyers within the US buy a property with a mortgage loan, and I know anything to do with interest is not allowed. The only reason ...
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1answer
5k 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 ...
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1answer
254 views

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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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
740 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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0answers
133 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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1answer
412 views

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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Is it permissible to lease a car?

Assalamu alaikum, Is it permissible in Islam to lease a car? Basically, I pay $200-$300 per month for a new or a good used car for three years. At the end of the term, I return the car to the owner. ...
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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 ...
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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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1answer
542 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 ...