Questions tagged [riba]

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

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133 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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86 views

Is the extra cost incurred by buying through monthly premium considered riba? [duplicate]

I am trying to buy a new Mobile phone in a shop, but I don't have enough money to buy it as cash. He offered me something else called Monthly premium. This Monthly premium is good for me, but the ...
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192 views

Authenticity of Hadith on Riba

Can anyone confirm the authenticity of these Hadiths with references. “Consuming one dirham of Interest is like doing Zina 36 times” and “Riba equals to 70 Sins. Lowest of them is having ...
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63 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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5k 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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1k 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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258 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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3answers
2k views

Intention to get rid of Riba money?

I have some Riba money in my account. With what intention do I get rid of this money from the list below? Lillah Sadaqah Zakat Sadaqah Wajibah Fidya (Kaffarah) I have been presented with these ...
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52 views

As a beginner in trading, I would like to know what to avoid ( because of gambling or usury) [closed]

Is stock trading haram? Is forex trading haram? What about options trading. Or are cryptocurrencies haram. I have read that crypto is haram with the intent to use it as an asset by holding on to it. ...
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64 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 ...
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30 views

if I am NOT paying for life Insurance, is it permissable?

Assalamualaikum. Most of us are familiar insurance is considered haram because of the presence of riba/interest. I've started working for US government and government employees are automatically given ...
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84 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 ...
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28 views

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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1answer
125 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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122 views

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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67 views

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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86 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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28 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 ...
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105 views

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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54 views

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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2answers
806 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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48 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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64 views

what should be done with bank account interests to avoid riba? [duplicate]

Possible Duplicate: How to cope with interest payed by banks? If you have an account in a bank that automatically puts an interest rate on it , how can someone in this case avoid being in Riba ? ...
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198 views

Is it Haram to take interest in a game? [duplicate]

We know that Riba interest is Haram . Does this apply to games as well ? Example : MONOPOLY Is it haram to take interest from another player ? The money is not real world money and has no real ...
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73 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 ...
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2answers
134 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 ...
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113 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 ...
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138 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?
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110 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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2answers
825 views

Working as Equity Research Analyst

I have a offer from a research firm in which the job is to give investment advice on a particular stock in the capital market. My duty is to study the company and analyse it thereby coming to ...
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1answer
81 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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84 views

Doubt regarding Dhat al-Fudul and Interest

I have heard that Prophet(s.a) have pawned his Dhat al-Fudul with Abu ash-Shahm Jew, in return for some 30 sa(weights relate to food) of barley for his family. Does it involved Interest? Or did Abu ...
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324 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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34 views

Am I exempted if I take this student loan involving riba?

I've been working really hard in high school to get accepted to a good major in university. I'm going to start studying this summer. I need an apartment and food to live and I have no income what's so ...
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86 views

DISOBEYING FATHER FOR NOT DOING HARAM JOB

Asslamualikum! I was a finance student back 2 years ago. You know that doing job in a bank is haram as it involves Interest so due to this reason my aim was to do a job in a company as they aren't ...
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34 views

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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280 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? ...
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83 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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24 views

The permissibility of an IT position in the Riba based Banking World

There seems to be an abundance of mixed information on the internet that categories the permissibility of jobs within the Financial Sector and a lot of this is becoming increasingly difficult to ...
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15 views

Buying a shop on pre launch rates and getting rent

I have bought a shop in a construction and real state company. Building ground digging started recently. What their terms were that if you buy a shop, rent will be started from day you make full ...
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50 views

Investing in property bought on interest loan

I'm interested in investing in property with my non-Muslim friend. The interest based loan to buy the property would be under his name but all my payments (portion of down payment and portion of ...
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26 views

Is giving equity in exchange of debt riba?

on shark tank you often see deals where an investor say I'll give you $100k as debt. But i'd like 5% equity in company as well. equity is taken right away. debt is paid over time. from one perspective ...
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41 views

Credit card debt as revert (is this riba?)

I just reverted to Islam. I am in a bit of a pickle. When I was not a Muslim I used American Express during my times as a student and I did not have that much money for a while. Which is why I have a ...
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Working on a company which provides softwares to banks [duplicate]

I saw some related questions but I have another situation. I am going to interview with a company which is developing applications to bank customers. I have 2 questions at this point. If I work on ...
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31 views

Is attending a property transaction where buyer is getting loan forbidden?

What I have read till now is indulging in ribs in anyway is forbidden, be it taking, giving, making contract, executing or being witness. My questions: What if I do not facilitate loan but get muslim ...
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61 views

Is it permissible to work in a NGO that has a microfinance program, which is also one of it's source of fund? [duplicate]

Praise to Almighty Allah. After more than 1.5 years of being unemployed, I finally got an offer from an International NGO (BRAC,www.brac.net) to work as an IT advisor in their Health, Nutrition and ...
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88 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 ...
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46 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 ...
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3answers
270 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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1answer
518 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.