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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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1answer
135 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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0answers
100 views

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?
3
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1answer
673 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 ...
2
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1answer
238 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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0answers
659 views

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 ...
3
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1answer
166 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 ...
3
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2answers
361 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
1k 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 ...
1
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1answer
196 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 ...
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1answer
67 views

Is this sort of business classifies as Riba?

My situation requires me to buy a car. It is really mandatory, not for luxury purpose. I really need it because of the cold weather and for transporting my kids to school. I have waited so long to be ...
2
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3answers
893 views

Are you allowed to use saved interest money to pay interest?

Are you allowed to use interest money that you gained from saving accounts towards paying the interest fees for a mortgage? The mortgage consists of money I have borrowed to buy a house AND interest ...
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2answers
449 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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2answers
200 views

Is it OK to teach banking related subjects in school?

Is teaching interest based banking system in school allowed for a Muslim teacher?
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0answers
47 views

Utilization of profit on saving account [duplicate]

I have saving account in a bank. I obtained profit of Rs. 12500/-. It is interest? How can i get rid of this amount? Can i give it to my brother who is needy right now? Thanks and regards
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3answers
7k views

Is it ok to buy a vehicle via an equated monthly installment (EMI)?

Is it ok to buy something via an equated monthly installment (EMI)? For example, I am planning to buy a vehicle which is of cost around 50,000(INR). If I can't afford 50,000 outright, I have other ...
2
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1answer
499 views

Is eating food from person who receives or pays interest haram?

I heard that eating food is haram in homes where the main income is from interest (riba) or the persons in the home pays it willingly. What I heard is right or wrong? Is there any specific authentic ...
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1answer
802 views

Is accounting haraam?

I am soon going to be starting a degree in accountancy. I have tried to research this topic many times but have not found a proper answer. As far as I am aware, the job of an accountant involves ...
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1answer
89 views

Is leasing machinery for business is permisable?

I am a business man in Spain and we need to buy some machinery for manufacturing purposes. As I don't take riba-based loans, it's very tough for us to work because no bank has riba-free plans here; we ...
4
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2answers
759 views

How is rent different from interest? [duplicate]

Say I have $100,000 cash and a house worth $100,000. I loan Sam the $100,000 cash for 10% of 100,000 ($1000) interest each month. Also, I rent out my house to Kate for $1000 rent per month. If Sam ...
3
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1answer
187 views

Do we know if Allah prohibited all forms of riba with the children of Israel?

Salaam, In the Old Testament, we have the following verses that talk about riba: "You shall not charge interest on loans to your brother, interest on money, interest on food, interest on anything ...
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0answers
94 views

Can I make use of land that was purchased with an interest-based bank loan?

I have already bought a land. But to buy the land, I took some loan (portion of total money needed to buy) from a interest-based bank. Monthly basis I am still paying to the bank to return the money ...
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1answer
249 views

What should I do about a riba-based loan I took out in ignorance?

I just finished my second year of University and I took out a loan with student finance. I didn't know about the subject of the interest (Riba). What do you suggest could be the best thing I can do? ...
6
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1answer
443 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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1answer
2k 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 ...
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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 ...
8
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1answer
6k views

What to do with the Riba (interest) money? [duplicate]

I have some interest money in my account and I recently came to know it is haram. I want to get rid of it. Please tell me the ways to spend it. Can I spend it as wedding or birthday gift to my ...
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0answers
315 views

Interest on the Savings account [duplicate]

Salaam, My question is about the interest the banks pay on the savings accounts that you maintain with them. The banks generally use your money lying in the account and invest it in the market, they ...
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1answer
126 views

whats about insurrance schemes according to islam? is it consider as interest or not?

MCB (Muslim Commercial Bank) Pakistan has started a scheme in which when one will go on hajj via there scheme he/she will be eligible for 4 months of free health (hadsaati) insurance, my question 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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1answer
107 views

Is working in insurance company allowed if the Sharia Council of that country has approved it to be following Sharia rules?

I have been offered a job from a medical insurance company to work in their head office. In their profile they say that their company's operations are approved by Shariah Review Bureau (this ...
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1answer
6k 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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2answers
164 views

Zero Interest is causing me more harm than riba, is it the right choice? [closed]

I had to purchase a car, but did not wanted with riba, so the only option was to purchase a new car which I has at 0%, BUT monthly I have now to find a large sum of money which is causing me a lot of ...
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3answers
434 views

Why is interest such a bad thing? And is this forbiddance still relevant in the modern age? [duplicate]

I know this has been asked a LOT of times, but mine is slightly different (I believe). First of all, a little background about myself: Not a Muslim, probably somewhere between agnosticism, ...
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1answer
97 views

Rent payments with redemption

Assalamu aleikum. I have a question regarding mortgage. One of our state banks provide a program for young families. You have to open a deposit account and make certain deposit payment every month ...
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1answer
132 views

Can I earn interest from 457 plan? [duplicate]

Since I work for the government company we get 457 plan similar to 401k. Can I earn interest from that and not from the bank? If not what are my other options?
7
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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 ...
2
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2answers
313 views

Is it sinful to give bribe to have the inaffordable taxes reduced?

We have two homes and we have rented them. The govt has now increased property taxes greatly. The property tax of two houses sum up to around sixty-thousand. I am a salaried person my father died, ...
5
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3answers
4k views

Is it permissible for me to take out a bank loan to help someone, if I'm not the one paying off the interest?

I know that riba is haram in Islam. However, I need to know if it would actually be haram for me to take bank loan for helping my friend who is in a pathetic condition, if the monthly loan and ...
4
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4answers
10k views

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 ...
6
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4answers
29k views

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 ...
5
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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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2answers
423 views

What exactly is Riba?

I know it means interest. I'm a 16 year old girl revert and I don't quite understand the laws of riba. For example, are phone contracts haram? Are scholarships haram? Is insurance haram? How can I ...
2
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1answer
89 views

By the Quran or the Prophet's words only, may Riba be produced?

By referencing only the Quran or the Prophets words ascribed by cross-accusation, is it permissible to produce Riba? The assumed beneficiaries of Riba, the lenders, are of course condemned for ...
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2answers
2k views

Is Online Forex Halal? [duplicate]

I've read a lot of articles, hubs, discussions about online forex trading being halal or not. And I got to 3 points/problems that if these (below) are solved, then it would be halal. Interest at ...
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4answers
1k views

Should I take loan from the bank at 1% interest or be forced to pay 9% interest by failing to pay rent?

Something happened and I lost my job, and I didn't have enough money to pay the flat rent. Here in Sweden if your late in paying rent, what they do is they start to take interest on the rent until ...
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1answer
4k views

Is mining bitcoins riba? Is it haram for some other reason?

Bitcoins can be acquired by 'mining' them, where a computer generates codes and if they're valid you going that bitcoin. Is this equivalent to Rica/interest? Is it haram from some other means?
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1answer
15k views

Why are mortgages haram?

I know taking loan and mortgage in haram in Islam. In UK, I am paying the amount of money as rent which I can pay as mortgage. If I pay as mortgage I will be the owner of that house after several ...
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3answers
3k views

Accepting money from non-muslims for charity

I have a doubt with getting money from non-muslims. Me and my friends just started a group ( a charity group to help and feed poor people in our area). Some of my non-muslim friends also have much ...
0
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1answer
80 views

Can one give riba to their poor sibling?

If we have siblings who are NOT SO financially fit and need extra help in terms of money then in that case can one sibling being financially sound give his/her riba to the other sibling?
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2answers
64 views

Drawback of interest economically

Since Islam is a natural religion, What is the drawback of interset economically. Suppose a bank pays me 10% interset on my original, what is the ugly side of this?