QUESTION: Please advise if the Islamic products such as "savings pocket" and "fixed deposit" offered by various banks, are permissible? One specific product offered by FNB is "Islamic Money Maximizer" that many Muslims are investing in, and that I personally know of,...
QUESTION: If a person is in debt, can another person help to pay those debts with interest money (and without an intention of attaining reward)? ANSWER: Firstly, it is not permissible to intentionally accumulate interest money. However, if interest funds accrued in...
QUESTION: A bank that we have an account with recently held a promotion (link to which is posted below). We were unaware of such a promotion, but fulfilled the requirements to qualify for it, and hence received the specified cash offer. Will this money be permissible...
QUESTION: When a person fails to pay back the loan from a bank, the bank reclaims his assets, for example, a car, and puts it on sale, is it permissible for a Muslim (who had nothing to do with the person who was unable to pay back the loan) to buy that car from the...
QUESTION: Money was mistakenly deposited into my bank account. Three months have passed without anyone coming forward to claim the deposit, while I have also tried to trace the depositor, but to no avail. Please advise what should be done with this money? ANSWER: If...
QUESTION: A person unkowingly earned interest on a debt account. What should he do for all the interest that he earned over many years, as he has no record of the previous years Should he just start withdrawing interest from the current month or will he be forgiven...
QUESTION: Bank charges are incurred when a person makes payments online. Is it permissible to use this form of transaction, even if the bank charges are paid by the creditor. ANSWER: Your question is not too clear to us. We understand the usage of credit cards as...
QUESTION:- 1. Are fixed deposits Jaaiz? 2. What is the ruling with regards to investing in a business? 3. What is the ruling regarding investing in cryptocurrency? ANSWER:- 1. The Muftis have permitted a person to open a bank account with the intention of safekeeping...