Banking/ 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...

QUESTION: Can we charge a service fee to a person doing an EFT in lieu of cash? For example, accepting cash and carrying comes with a high risk of endangerment. ANSWER: Yes, it is permissible on condition that there is mutual agreement between both the parties for...

QUESTION: A person has cash and requires someone to do an EFT on his behalf. Is it permissible to charge the person a 3%-5% service fee for administering the EFT or will it be regarded as interest? ANSWER: Yes, this is permissible as the charge is in exchange for a...

QUESTION: I used an FNB Credit Card in my business around the year 2005. The business subsequently closed down around 15 years ago due to financial problems. The initial amount owed was around R120 000, but with interest accrued, it accumulated to R150 000. The...

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...