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...
QUESTION: A family member has bought a house in South Africa, while she is residing in Canada. She bought the house through the bank, and is renting it out for a year until she returns. Would this fall under Riba, or is the transaction in order? ANSWER: If your cousin...
QUESTION: I receive interest in my bank account every month. I dispose of the interest amount from the cash I have on hand and do not remove it from the account. Is this allowed? ANSWER: It is not permissible to dispose interest funds accumulated in one’s bank account...
QUESTION: It is not permissible to intentionally accumulate interest money. 1. If a person has an option at a bank to open a bank account whereupon one does not accumulate interest but opts for using another account, will this be considered as intentionally...
Question:- If a person has financed the purchase of a vehicle using the conventional banking system, involving interest, would it be permissible for them to offset or pay the interest charged from funds acquired through interest accrued in their personal / business...
Question:- Can interest money be given to Zakaatable Madrasah students book their tickets to go home? Answer:- The recipients of interest are individuals that are eligible to receive Zakaat. However, we advise that poor students should be assisted with Zakaat and...