QUESTION: Standard Bank offers a rewards program called "UCount". By subscribing to "UCount" for a monthly fee of R25, customers can earn cashback in the form of points when they use their bank card to purchase fuel, or to shop at specific grocery stores. Points...
QUESTION: A non-Muslim requested a loan from a Muslim and said he'll pay them X amount extra (i.e. interest). The Muslim agreed to this. When questioned about it, they said that the money that they are borrowing to the person is from their interest money, so it's...
Q1) According to the Hadeeth concerning Riba it is mentioned [والملح بالملح..] If someone goes to their neighbour and asks for salt and says that they will give the neighbour some back later, is this considered as Riba ? If they give extra, will this also fall under...
Q1) I keep my money in a commercial bank account. Recently, the bank started paying me interest since a positive balance is maintained. Is it necessary for me to switch to a non-interest bearing account? A1) Yes, if you have an option of keeping your money in a...
QUESTION: I have a question with regards to taking out a mortgage with banks which are Shariah compliant. Please advise your ruling with regards to the bonds for property via Al Barakah and FNB Shariah mortgage. ANSWER: Your first option would be to try and acquire an...
QUESTION: Can a person use their interest money to change the direction of their toilet in a house that they are renting? ANSWER: The recipients of interest funds are poor Muslims that are eligible to receive Zakaat or poor non-Muslims. The landlord does n ot fall in...
QUESTION: If I finance a vehicle from a dealer, can I consider the interest amount as part of the entire payment due? From my perspective, will this still be considered as interest? ANSWER: If you financed the vehicle through the car dealer and you will be paying more...
Q1. As a conveyancer, we are required to invest purchasers money in an investment account, which accrues interest or profits from Islamic accounts with FNB. Does this constitute facilitation of interest as it is compulsory in the profession? A1. If investing the...