Question:- I needed clarity on the following matter. I am providing capital to a friend for his business. This money is given as a Loan and will be paid back when I request.. The businessman uses the money, buys drinks and resells it to shops . We made an agreement...
QUESTION: If a person is in debt and takes a loan from a family member, is the family member allowed to make a profit from this transaction? For example, the monthly amount to pay back is clear but instead of paying the loan over 48 months, 5 extra months are added...
QUESTION: In Malawi, there's a "bank official rate" and there's a "black-market rate". So the dollar for example, on the black-market will be around MWK1,800/1,900. There'll be different rates for buying and selling. However, it's illegal. Then there's a bank rate...
QUESTION: Is "Islamic Profit Share" from FNB halaal? ANSWER: The Darul Ifta does not approve of FNB Islamic Banking and their investments, as we are not aware of their modus operandi. We therefore advise that the profits earned through such investments must be given...
QUESTION: On the FNB Bank app, there is an option called "bank your change" (BYC). Will this be permitted in Shariah? ANSWER: ‘Bank your change’ in our understanding, is where the bank transfers small change from your banking account into a savings pocket. This...
QUESTION: We purchased a property in a syndicate with a few partners, and the money held by the lawyers as a guarantee, was invested in a money market account and subsequently accrued interest. Can this money be used to offset the lawyer's fee, or does it have to be...
QUESTION: I had a client who had owed me a certain amount of money and paid me after a long time. Due to the delay, she decided to give me a certain amount extra than what was owed. Upon enquiry, she said that the balance was with interest and “love” as a gesture of...
QUESTION: What is the ruling regarding buying a car through finance if you don't have cash up front to pay for it? The car would be a great necessity for convenience. ANSWER: Financing a motor vehicle through the conventional banks is not permitted, as it consists of...