Banking/ Interest

Paying A Supplier Twice

QUESTION: After concluding a business transaction with a person, I transferred payment to an account he had previously used. He then supplied me with a second account and I transferred the funds there. At this point, I had paid him twice for the same service and...

read more

Fixed Loan Through The Bank

QUESTION: Is taking a fixed loan from the bank permissible? For example, the bank takes the papers thus assuming ownership of the car, and a higher fixed amount is set over a certain period. ANSWER: Taking a loan from the bank to procure a car is not permissible as it...

read more

Riba In Darul Harb

QUESTION: What is the rulling regarding interest in Darul Harb? Some Muslims based in countries like France, Belgium and the UK claim that these countries are Darul Kufr and Darul Harb, thus legitimizing the Riba. What is the Hanafi Madhab ruling in this regard?...

read more

Assisting A Parent With Interest Money

QUESTION: My mother has a debt exceeding R10 000 from a business which she started. She owns no jewellery and whatever income she earns, is used to pay for her household expenses and maintenance. She is paying the debt off very slowly. Can I use interest money to...

read more

eBucks

If a person uses his virtual card via his Google Wallet App, FNB places the individual on a higher tier for the eBucks rewards program, allowing one to earn more eBucks. My brother and I manage the expenses of our household. He pays for the utilities and the...

read more

Working For A Financial Institution

QUESTION: I work in a claims and disability assessment position, where I assess severe illness and disability, for Old Mutual. Someone brought it to my attention that Old Mutual works with interest. Is it permissible to work for this type of institution? ANSWER: Based...

read more

Paying Traffic Fines Using Interest

QUESTION: Interest on our bank account is is removed monthly and discarded of. Can we use this money to pay off traffic fines? ANSWER: No, it cannot be used to pay fines. The recipients of interest funds are poor Muslims who are eligible to receive Zakaah, or poor...

read more

Categories